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Covering Personal Belongings: Homeowners Insurance Options

February 10, 2015

Valentine’s Day is approaching, which means jewelry is on the minds of many women (and some men). The average cost of an engagement ring in 2013 was $5,200.  This is about the equivalent of a 65-inch LCD flatscreen TV.  Do you have insurance to cover your belongings?  What all does that insurance cover?  Protect your investments.

Homeowner’s insurance policies in Iowa average several hundred dollars per year, according to the latest data available from the National Association of Insurance Commissioners. To make sure you are getting the biggest bang for your buck, Jones Insurance and Associates needs your help.

We need you to take initiative to weigh your personal options.  If you have a lot of stuff, and you care about the financial value of your stuff, take inventory and formulate a plan.

Consider, for example, Helzberg Diamond’s Lifetime Care Policy. Their plan offers free repairs with the cost of the plan, but does not cover loss, theft or Acts of God (a natural disaster or other event for which no one can be held responsible).   The plan requires checkups every six months and the item cannot be serviced by any store other than Helzberg Diamonds.  The cost of the plan is based on price of item—a few hundred dollars for that engagement ring.  While this may be an excellent care plan for someone who has time and effort to maintain their possessions, this is not insurance.  Some of us don’t even go to the doctor regularly to take care of ourselves – will we truly have a ring serviced every six months?

Basic Home Insurance

Obtaining personal belonging coverage under your homeowners insurance is less demanding.  The only upkeep required is to make sure your policy is updated, and to continue your normal coverage process.  Basic home insurance covers your home and personal property from damage caused by things like fire, wind, explosions, vehicles, theft, vandalism and a slew of other occurrences.

Unlike a jewelry store care policy, homeowners insurance does cover loss, theft and some Acts of God.

Beyond Basic Home Insurance





Replacement Cost Coverage

Higher premium

Higher pay

Payout would cover what it costs to buy the item again at new value.

Actual Cash Value Coverage

Lower premium

Lower pay

Payout would be the depreciated value of the item.

Scheduled Personal Property

Higher premium

Highest pay

Each item is added separately. There may be a $1,000 limit per piece of jewelry. If the engagement ring was appraised at $5,200, this would cover that specific ring at a higher amount.

Don’t Own Your Home?

If you don’t own your home, don’t worry! Renters Insurance also covers personal belongings.

Author: Jones Insurance and Associates
February 10, 2015

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