How to get Jewelry and Furs coverage in Michigan

A  Michigan homeowner’s policy typically limits coverage for personal valuables like jewelry and furs. A  standard policy may also include a dollar amount limit that may not cover the entire cost of replacing the jewelry in the event of theft. For example, if the diamond fell out of your wedding ring, your homeowner’s or renter’s policy does not provide coverage.  Contact your insurance agent to see what your limits are for jewelry and furs and if you cost of your jewelry and furs exceed these limits, you will need a separate policy called a Personal Articles Policy or (Inland Marine Policy). Personal articles policy is a separate policy that will provide higher coverage limits and more protection against the causes of loss. A homeowner’s policy provides that.

Additional coverage is available in floaters and endorsements that provide more coverage than the standard home policy. A Personal Articles Policy can provide additional coverage that you may need. The price you pay for a personal articles policy depends on your company and the appraised value of the jewelry and furs. The appraised value will not be the same as the purchase price.

The coverage provided for jewelry and furs on Michigan homeowners policy:

  • Fire or lightning
  • Wind or Hail
  • Explosion
  • Impact by aircraft
  • Impact by vehicle
  • smoke
  • vandalism
  • theft

What are my jewelry and furs covered for under a Michigan Personal Articles Policy?

In addition to the items above, a Personal Articles Policy will provide broader coverage than what is offered by your homeowner’s policy.  For example, coverage is available for mysterious disappearances and breakage of your items. These coverages may not be available on a Michigan homeowner’s insurance policy unless you add a special endorsement to your insurance.

Michigan limits on policy for theft of jewelry and furs start at $1000 for one item and $1500 total. That is why you need to purchase an additional policy or endorsement. 

Finally, there could be a limit on your Michigan homeowner’s policy for your computers and laptops; click the link to see how much coverage you have on your policy.