We tend to insure the most expensive things we own, such as our cars or our homes. But what about our jewelry? Jewelry is likely among the most valuable items you own and its fragile. And even if you don’t wear your jewelry out, it isn’t exactly safe at home. In fact, it is one of the most commonly stolen items out of homes. So what can you do to protect your investment?
Most people likely have a comprehensive insurance policy covering their house and furnishings, but homeowners or renter’s insurance doesn’t automatically mean every item under your roof is insured. In fact, some policies specifically exclude jewelry and other valuables (musical instruments, artwork, and furs among them). Other policies limit coverage to certain types of events and a defined dollar amount. This level of coverage can be significantly inadequate, especially if you want to replace the sort of item that has substantially appreciated in value since its purchase.
Jewelry insurance protects the value of your cherished pieces, mostly by providing you with repair, replacement, or reimbursement of the appraised value. While you can count on some protection for your jewelry in a homeowner’s insurance policy, many consumers with valuable jewelry opt to buy separate coverage with higher limits and deductible requirements that make sense for personal valuables.
When you look around for the best jewelry insurance policy, keep these questions in mind:
- How exactly are claims handled? Will you be required to purchase a replacement and then request reimbursement, or will the insurer send a check first?
- Is the item’s full replacement cost covered? How is that amount determined (especially if the item is antique or custom-made)?
- Do coverage limits fluctuate with the price of precious metals or gems?
- How often can/should you submit updated appraisals?
- What proof of loss or damage will be required?
- Which exclusions does the policy have? What types of loss and damage are not covered?
Before buying your policy—and when making additions to it, you must:
- Have your items professionally appraised to determine their value for insurance purposes.
- Take photos of the items.
- If you have the option, consider increasing the deductible to lower the insurance premiums.
Once your policy is in place, you should:
- Keep all your items’ receipts, appraisal paperwork, and photos locked away in a safe (but easily accessible) place.
- Store items securely when you aren’t wearing them.
- Avoid traveling with irreplaceable or extremely valuable jewelry.
Most insurance providers offer discounts to customers who purchase multiple policies. If you purchase your home, auto, life, and property insurance from a single provider, you are likely to get a better deal overall.
If you don’t have homeowners or renter’s insurance, you may be able to purchase stand-alone coverage from a provider that specializes in insuring jewelry. Some jewelers offer such policies or can recommend a company that does.
Protecting your property doesn’t mean you can never wear it. On the contrary, if you insure your valuable pieces, you can use and enjoy them all the more knowing that they’re adequately covered.
Trust Onyx Insurance on your Insurance needs. We can provide the best policy that you need. Contact or email us now!
