If you have valuables like jewelry, art, or collectibles, you might wonder if your home insurance policy will cover them in the event of loss or damage. The answer is maybe—it all depends on the individual policy. Our team of insurance experts at Mitchell Agency LLC is here to assist with what kinds of valuables are typically covered by home insurance policies in Alabama and Georgia.
Does home insurance cover valuables like jewelry and collectible art?
Home insurance policies typically cover two types of valuables: personal property and scheduled items. Personal property is everything you own that is not attached to your home, like furniture, clothes, electronics, and jewelry. Scheduled items are valuables that are specifically listed in your policy and require a separate premium; these items are usually high-value items like collectibles, art, furs, musical instruments, and silverware.
If you have expensive jewelry or other valuables, the payout limit of your policy, you may want to consider purchasing a separate insurance policy (called a rider) to cover those items.
Another thing to remember is that home insurance policies typically have deductibles—the amount you have to pay out of pocket before your insurer kicks in—and some deductibles can be quite high.
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If you own valuables like jewelry or art, it’s important to find out if your home insurance policy covers them. Most Georgia and Alabama policies will cover personal property up to a certain limit, but schedule items may need to be added separately. Remember that there may also be limits on how much your insurer will pay out for lost or damaged items, and you may have to pay a deductible before coverage kicks in.
When it comes to protecting your valuables, knowledge is power—so contact the Mitchell Agency LLC to check that everything is covered.