New Year, New Stuff

The biggest gift-giving season of the year is behind us. It is quite possible that you received a gift or gifts that require a conversation with your insurance agent. The reason for this discussion is that insurance companies place a limit on specific valuable items. This means that you will not receive an amount higher than what is noted in your policy.


According to the Insurance Information Institute, “One important limit is for the theft of jewelry. To keep coverage affordable, because jewelry can be easily stolen, standard policies have a relatively low limit for theft coverage, generally $1,500.” The Allstate Insurance website explains it this way, “There may be a $1,500 sub-limit on what your insurance will pay for jewelry after a loss – even though your overall personal property limit may cap out somewhere between 50 percent and 70 percent of the amount of insurance on your home. So, if you were to file a claim for a piece of jewelry worth $500, you’d probably be in good shape. But if your loss is for a piece of jewelry valued at $2,500, you would likely only be covered up to the $1,500 sub-limit.”

Items that have limits on insurance policies

In addition to jewelry, there are many other items that could face limits on your insurance policy, such as:

  • Antiques
  • Artwork
  • Collectibles
  • Firearms
  • Furs
  • Musical instruments
  • Sports memorabilia
  • Stamp and coin collections

A professional appraisal

To ensure that you’ll receive full replacement, you want to schedule your valuable items that are not covered on a standard policy. This is a special add-on to your insurance policy, called a floater, which will cover loss – even accidental loss such as leaving an expensive necklace behind in a hotel room or dropping your ring down the sink.


Most insurance companies require a professional appraisal before issuing a floater. We can help with that, so if you need an item appraised, give us a call.