Do you know the most popular time to receive jewelry? You guessed it – February. Now, do you know if your homeowner’s or renters’ insurance policy protects your jewelry? Whether you said “yes” or “no,” you are correct.
Here’s why: Your homeowner’s policy only provides limited coverage on certain high-value items. You may not receive the full value if a loss occurs. Scheduled Personal Property (SPP) insurance, sometimes called a floater, provides additional coverage of valuables – above and beyond what your home insurance provides.
Here are some very important advantages with Scheduled Personal Property plans:
- Scheduled Personal Property (SPP) offers much broader coverage for your precious items – if you misplace a set of earrings, they are covered; if a diamond falls out of a ring, or a guitar neck breaks, they’re covered.
- There is no deductible if the covered items are stolen, lost, or damaged.
- SPP provides a replacement for the actual appraised value of the item.
- SPP usually costs about one to two percent of the item’s value.
And, Scheduled Personal Property insurance isn’t just for jewelry; you might need the endorsement if you have:
- Fine art
- Coin or stamp collections
- Expensive cameras
- Fine silverware
- Sporting equipment
And even if you already have gold and jewelry or a rare watch covered with Scheduled Personal Property coverage, you may need a review. Gold and diamond prices have climbed the past few years and you may not have enough protection for their new value.
By nature, many of us are collectors of stuff, and much of that stuff is valuable. Whether you have purchased your priceless items from exotic locations around the globe, inherited them or painstakingly monitored eBay to find them, you no doubt want to protect them.
TAKEAWAY: Don’t wait until your precious items are lost, stolen or damaged to find out if you have enough coverage to replace them. Contact CalCas Customer Service today, at 1.800.800.9410 option 3, or www.calcas.com/customer-service.
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