I was robbed - they got my jewelry, guns, and tools!!

You leave for a weekend getaway and someone breaks into your house and steals your jewelry, guns, and tools.  Whew!  Thank God I had insurance so it will all be covered!  Well, hold on a minute.........

Most homeowner policies have coverage limitations on certain items for loss due to theft.  The reason is because of the high potential for fraudulent claims on items that can easily be sold, pawned, or concealed.  Jewelry is the most common item that is typically limited anywhere from $1000 to $2500 if stolen (check your own policy to see).  Unless you raise the limit or you purchase a personal articles policy (sometimes called a "floater" or a "rider"), you may find you have inadequate coverage.  If you purchase a floater/rider, an appraisal or other documentation (a valid receipt) is generally required at the time you buy the policy in order to substantiate your loss if you have a theft. 

Floater and/or rider policies generally provide expanded coverage that your homeonwer's policy would not provide, such as mysterious disappearance.  One of my policholders had a stone pop out of an expensive slide bracelet, and since the bracelet was on a floater, the insurance company paid to replace the stone.  This would not have been covered under the homeowner's policy. 

And, believe it or not, if something like a ring is simply lost, it is usually covered if it is on a floater policy.  The insurance company reserves the right to replace the item first with another of similar quality, but will pay for it if that cannot be done or it is not practical once it determines the loss is covered.  Of course, the insurance company is going to investigate the claim, but that is standard operating procedure. 

Items that usually need to be on a personal articles policy include the following:

• Jewelry, Watches, Furs
• High end cameras and video equipment
• Fine arts
• Guns
• Tools
• Muscial instruments
• Stamp/Coin collections

So take an assessment of what you own and talk to your agent (or me!) to determine if you need extra coverage for these items.  Better to find out first instead of being shocked that there is very limited coverage in the event something like this were to happen.  These policies are very affordable for the amount of coverage provided.