Condominium owners need to be able to insure their home appropriately to them. While this might mean that insuring the structure requires investigation, there is also a need to examine your possessions insurance, too. The contents of your home are your responsibility alone, and you must establish the appropriate coverage for them.
Sometimes, when it comes to high-value items like jewelry, you might find your standard possessions insurance isn’t quite adequate. That’s why you might need to enhance your coverage using special policy riders, or endorsements. Let’s take a closer look at how to work them into your condo policy.
Condominium Contents Insurance and Jewelry
Condominiums will house your belongings just like any other home. Therefore, your plan will include possessions insurance that is designed to insure these items in case of hazards like:
· Fires
· Theft
· Vandalism
· Severe Weather
You will choose a coverage limit and a deductible on your policy so that it will adequately reflect the value of your belongings. However, even if you customize these limits, you might find that your coverage is not adequate for high-value items like jewelry.
Jewelry is very expensive and at a high risk of damage or theft from any home. Therefore, many standard property insurance policies cannot adequately cover these items. Some will exclude them from coverage altogether. Others will place limits on how much they will pay. For example, though you might have $100,000 in possessions coverage, your plan might pay only $10,000 for all damaged jewelry. This might not truly represent the value of the lost items.
All the same, there are solutions available to help you better insure jewelry under your condo insurance. A scheduled item rider is often the best way to get this coverage.
What is a Scheduled Item Rider?
A scheduled possession is a belonging that you specifically insure using a special insurance endorsement. When it comes to jewelry, many people take this route to insure wedding sets and other expensive, even irreplaceable items.
The rider will insure this item under different terms than the rest of your possessions coverage. Therefore, you’ll receive tailored coverage that truly represents the item’s value. In many cases, a scheduled item rider will pay for jewelry based on its replacement value and you won’t run the risk of exceeding the limit of your other possessions coverage.
Additionally, this rider might cover a greater set of losses than standard possessions coverage. For example, you might be able to insure the jewelry against accidental loss, which your standard plan usually won’t cover. Therefore, you’ll have a much more expansive benefit for some of the most common losses that might damage your precious items.