Post # 1
The limit for jewelry on personal property insurance (typically combined with your home insurance policy) is a measly $1500.
If you need more coverage, you need to get a supplemental policy for your stuff.
We recently got robbed and that limit doesn’t even scratch the surface of what we lost. 🙁
If you are anything like me, I didn’t dream in a million years that something like this would happen to us. But, it did. Don’t be foolish like me. Document your stuff, have serial numbers of your electronics/model numbers, etc – and take pictures of your jewelry (for police reports, etc.). I really wish I had better documentation and additional insurance!!! 🙁
Post # 3
@oracle: We just got renter’s and they told us to take pics as well, your story makes me think I should really go home and do that!
$1500 is the standard (which is more than enough for us right now), but things like engagement rings can be added as a rider. Which I really need to get done.
Post # 4
Sorry this happened to you. Too many people don’t read their insurance policy or ask the appropriate questions.
Worse yet, many renters don’t have personal property insurance at all. There are not many of us who could afford to replce everything we own, if we had a fire.
Post # 5
@hisgoosiegirl: please, please do that! Honestly, if my experience can help one person – it makes it feel a little better.
@julies1949: I was in the same boat of not knowing what my coverage really covered. I didn’t think about limits of certain property – I just figured the limit of the personal property universally covered it all.
Post # 6
I’m sorry that really sucks! 🙁
When we purchased our first home our insurance company told us about taking pictures of all our valuables. We were more concerned about our electronics than jewelry! The only thing I have worth anything crazy are my rings and I have a separate rider for them.
Post # 7
@regberadaisy: that is soooo smart! Can I ask about how much you pay for your rider? I know it’s relative to the cost of your rings. I know it’s too late for our current stuff, but I definitely plan to cover the little I still own and anything else in the future.
Post # 8
@oracle: I’ m an insurance agent, and trust me, MOST people have NO IDEA what their policies cover. Its sad really. I can’t fathom why people would spend so much money on something they need, and know next to nothing about it.
While the supplemental policy is true, some companies have higher options that you can increase for additional premium, but I don’t think any go above $5k
I hope this post opens people’s eyes, and makes them run and check out their policies before its too late!
Post # 9
@MrsSl82be: could you explain what you mean by none going above $5K? Do you mean the additional rider for jewelry? Or something else?
Also – are there any other limits to thing. I found out the cash limit was $200…. I’m trying to find out more (like for electronics, cameras, etc.)
Post # 10
@MrsSl82be: I’ll be checking mine tonight!
Post # 11
I’ll have to check my plan but it is proportional to the value of your jewelry. Anddd my rider indicates that I want the exact specifications of my ring replaced if it was ever lost/stolen not just the dollar amount. I think that’s huge because in even 1 years time that same dollar amount won’t get me the same exact ring back.
Post # 12
Make sure you pay extra for replacement value. It would suck if you lose everything in a fire and only get actual value for it. So that $700 Tv you bought, 3 years later is only worth $200. That’s all you get.
My insurance had 2 jewelry riders I could choose from. One covered up to I think $5000 for everything. And only needed minimal documentation. The other allows you to cover a specific piece of jewelry for whatever amount it is. That one you had to have that specific piece appraised and documented.
Post # 13
My renter’s covers $20k….and that seems to be industry standard.
For our jewelry rider, we have to give them an appraisal of the item (in this case, my e-ring & band) and they cover it for that amount. No $5k limit.
Post # 14
As someone whose house caught fire a week ago today…I cannot tell you enough how glad I am that we bought rental insurance and personal property insurance. It is amazing when you start adding up everything…we had to toss our mattress because of heavy smoke damage and get all of our clothes washed professionally which adds up. All food items that were open…gone. I cannot even begin to tell you how much stuff I have to claim and replace with new.
As from someone who is currently living out of a suitcase in a hotel…believe me…check your policies NOW before its too late. So grateful we spent the $200 bucks to get this coverage…cannot imagine those that don’t 🙁
Post # 15
Ugh. So sorry this happened to you. (hugs)
Post # 16
Sorry that happened to you, that’s really awful. 🙁