by Stacey Allen

Created on: August 28, 2008

Whether you rent or own your home, chances are you have some form of insurance, be it homeowners or renters. While these are both excellent tools to help protect you in case of robbery, fire or other unforeseen circumstances, they don't cover everything in your home and it is important that you know that.

While furniture, clothing and certain electronics are covered; jewelry, works of art, valuable collections (coins, etc.) are not. No, that beautiful necklace your husband gave you last Christmas, if lost is not going to be replaced by your insurance company!

These items, considered luxury or collectibles by insurance companies, are only covered to a minor dollar amount (often around $1,000). It is also important to note that this $1,000 figure often is only provided in case of theft and doesn't include damage by a fire, loss or damage.

As anyone who owns a nice engagement ring or a pair of grandma's diamond earrings knows, $1,000 is not usually enough to cover one piece let alone a few if you are fortunate enough to have them.

That is where insurance riders come in. Through your existing insurance policy, you can add riders to cover the cost of your prized valuables.

Surprisingly, coverage isn't as expensive as you would imagine! And, as far as coverage goes, Coverage is usually available at, or around, 30 cents to 1 dollar per 100 dollars of appraised value. Say you want to insure $10,000 worth of jewelry, the policy could be as low as $30 dollars a year! Knowing that your precious valuables will be covered in their entirety from theft, flood, loss, damage (losing your diamond from your engagement ring) is well worth the money spent.

You can also obtain a standalone policy through a different company, however, by going this route there is occasionally a minimum they will charge (insuring a 500 dollar pair of earrings can end up costing you $150, for example). Needless to say, this figure can end up being more than would cost to go through your homeowners company. But it is always worth looking at all the options.

If your insurance is through an independent insurance agency, your agent can shop around and find you the best deal from all the company the agency represents. It is their job to find you the best deal and the best coverage they can!

If you are interested in covering your jewelry, talk to your independent insurance agent today and they will help get you covered and possibly even recommend a trusted appraiser to get you set up and ready for the coverage!

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