Jewelry, Art, and Valuables Insurance FAQs

My homeowner, condo-co-op or renter's policy covers all of my jewelry if it gets stolen or lost, right?

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• This is almost never the case

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• Most homeowner/condo/renter's policies will limit coverage for stolen, lost or damaged jewelry and certain other valuables to a maximum payout of $5,000 or less, sometimes with a maximum payout of only $1,000 for any single item

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• If you, your spouse or other household family members own more than $5,000 in jewelry and you don’t have a specific policy or endorsement saying it’s fully covered, it's safe to assume that it's not

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Insuring all of my jewelry would be very expensive, right?

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• Thankfully that's not usually the case. As long as you don’t have a history of losing your valuables or of having your belongings stolen, insurance for these special items will almost always be reasonably priced. For example, many carriers will only charge you between $100-200 per year for every $10,000 in coverage* you purchase

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• Additionally, some policies even include contract language that will automatically increase your coverage limit for specific items in order to meet the current market value if a damaged, lost or stolen item turns out to have a higher market value than what the appraisal or invoice you provide us with states

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• You can also purchase a slightly more expensive option called blanket coverage, which sets a combined limit for all of your jewelry, with a sub-limit that no single piece can exceed. For example, you may not have any appraisals or recent invoices handy, but you know that you have at most $50,000 worth of jewelry, and that no single piece of jewelry is worth more than $20,000. With many insurance providers we can craft a blanket coverage solution that will fit your collection, though it's always ideal and the insurance will be cheaper if you get your jewelry appraised to confirm it's true value

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My homeowner, condo or renter policy covers doesn't limit coverage on my fine art if it gets broken, right?

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• Actually, while stolen art may be covered by most homeowner policies, the coverage limit for breakage to your art is typically limited to $50,000 or less depending on which insurance provider you have a policy with. A Collections (aka Personal Inland Marine/PIM or Personal Articles Floater/PAF) policy will allow you to purchase coverage that exceeds the homeowner/condo/tenant policy limit for art breakage. This can also be done via an added coverage on your existing homeowner/condo/tenant depending on your insurance provider's capabilities

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Would it make sense to buy specific insurance for my art, or would that be too costly?

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• Fine art coverage is generally very cheap, and depending on which carriers we can get to offer you terms, it may cost as little as $14 or less for every $10,000 in coverage you purchase*! Low rates like this are generally offered on what is know as scheduled art, meaning each piece has a specific known or appraised value, rather than a general estimated value

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• You can also purchase a slightly more expensive option called blanket coverage, which sets a combined limit for all of your art, with a sub-limit that no single piece can exceed. For example, you may know that you have $100,000 worth of paintings, and that no single painting is worth more than $20,000. With many insurance providers we can craft a blanket coverage solution that will fit your collection, though it's always ideal and the insurance will be cheaper if you get your art appraised to confirm it's true value

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What other benefits does collection coverage have?

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• Aside from what is mentioned above, there is often extremely broad coverage offered for dozens of loss causes, and with a Collection policy there will generally be no deductible required, so you won't have to pay out anything out of pocket before your coverage kicks in, unlike on a homeowner/condo/renter's policy

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Aside from jewelry and art, what other types of valuables can or need to be specifically insured by a Collection policy

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• While there are many of types of valuables that can be afforded special coverage beyond jewelry and art, some of the most common items are sculptures, furs, non-professional use cameras, miscellaneous collectibles (e.g. antique books, baseball cards, and sports memorabilia), and collectible photographs. Some carriers will even offer special coverage for couture handbags (yes, ladies, your birkin bag just might qualify depending on your use, home security features and maintenance!)

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What do you need to get me price quotes for insuring my valuables?

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• We really only need a small amount of information about you and your rental in order to obtain quotes from one (or more than one) insurance provider. For the quickest turnaround time you can fill out our quick 2-5 minute online quote request form (links directly below)

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• Alternatively, we can set up a time to talk in person (location dependent) or have you provide us with your information over the phone (212-495-9172 is our main number) or you can email us at Hayden@NorthImprovement.com. Whatever route you prefer to go is fine with us

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*rates vary between carriers as well as between scheduled and blanket coverage offerings