đź’Ť Jewelry & Furs Coverage on Your Michigan Homeowners Policy
If you own valuable items like a diamond ring, designer watch, or fur coat, it’s important to know what protection your Michigan homeowners policy provides and where it falls short. While standard home insurance covers some losses, it often has strict limits for jewelry, furs, and other high-value personal items.
🔒 What’s Covered Under a Standard Homeowners Policy?
Michigan homeowners policies typically include coverage for personal belongings, including jewelry and furs, under certain causes of loss, such as
- Fire or lightning
- Wind or hail
- Explosion
- Theft or vandalism
- Impact by vehicle or aircraft
- Smoke damage
However, theft coverage for jewelry and furs is usually limited to **$1,000 per item** and **$1,500 total**, which is often not enough to cover even a single item.
📦 What’s Not Covered (or Severely Limited)
Standard homeowners policies generally do not cover:
- Mysterious disappearance (e.g., lost ring)
- Damage or breakage (e.g., chipped diamond)
- Losses exceeding standard theft limits
đź’Ž Why You Might Need a Personal Articles Policy
If you have valuable jewelry, luxury handbags, or fur items that exceed the coverage limits in your homeowners policy, consider adding a Personal Articles Policy (also called an Inland Marine Policy). This type of policy offers:
- Higher coverage limits tailored to your item’s appraised value
- Broader protection, including mysterious disappearance and accidental breakage
- Worldwide coverage for listed items
You may need to provide receipts or appraisals when purchasing this type of policy. The premium depends on the insurer and the declared value of your items—not just the original purchase price.
🧾 Additional Options: Endorsements & Floaters
Some Michigan insurers also offer endorsements or floaters as add-ons to your existing policy. These provide extra protection without needing a separate policy. Ask your agent whether this is a better option for your situation.
📱 How to Get Covered
Reach out to your Michigan insurance agent to:
- Review your current jewelry and fur coverage limits
- Get an estimate for a Personal Articles Policy
- Submit appraisals for your high-value items
It’s also wise to check limits on other personal property like laptops and electronics, which may have sub-limits under your home policy as well.