Is Your Jewelry Fully Insured?

Category: Personal Insurance

Safeguarding your valuables is an important, though often overlooked, way to protect sentimental family heirlooms and expensive gems that you just can’t risk losing. The most critical step you can take to give yourself peace of mind when it comes to your treasures is to purchase the appropriate level of jewelry insurance. Should you ever lose these precious goods or have them stolen, insurance will insulate you against taking material losses in a way that traditional renters’ or homeowners’ insurance won’t. Read on for considerations about taking this useful step in preserving the value of your jewelry.

It’s important to understand how to insure your jewelry. Renters or homeowners insurance will cover items in your home, but only up to a certain dollar amount. The value of your jewelry may exceed your policy limits. If so, you need to add additional scheduled property coverage, which lists costly items and their insured value, piece-by-piece.

Obtaining jewelry insurance is a relatively easy process. Usually, you’ll need to provide receipts for the items if they were recently purchased, and for older pieces you’ll want to get appraisals that determine the value of your jewelry. Photos of heirloom pieces will be useful if you have to file a claim. Once you have these numbers, your insurance agent can assist you in finding the proper policy to add onto your existing coverage. If you don’t have homeowners’ or renters’ insurance, some companies still offer coverage for individual pieces through jewelers. Make sure to ask plenty of questions to ensure that you understand your policy. For example, you need to know if your policy covers accidental loss and theft, not just one or the other. Staying informed will help you make the best decision possible.

With the price of gold climbing daily and the value of your jewelry growing over the years, don’t wait to insure your valuables.

How are you currently protecting any sentimental property? Do you have current appraisals for you engagement ring and other pieces? Share tips on caring for your jewelry.

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