How much do you love your jewelry? Your wedding bands may be the pride of your life. You may have inherited your great-grandmother’s diamond earrings and necklace. These items are likely some of your most precious possessions.
Jewelry is also some of the most valuable property someone can have in their home. If you lose the jewelry because of damages or even theft, it is hard to make up for their monetary value.
Jewelry is at fairly high risk of financial loss. That’s why many people buy insurance policies to cover their jewelry. By covering the jewelry, you can protect the financial value of these items in case of loss.
You should always take several steps when deciding how to insure these valuables.
Determine Their Value
Before you get coverage, you need to determine how much these items are worth. If you don’t have adequate coverage, the policy may not cover the jewelry's full replacement cost.
To determine the values of these items, try to keep receipts on items you purchase. If you inherited an item, you can have it appraised for value by a jewelry expert. These appraisers can give you the value of the item, and document the value. That way, you can buy high enough coverage levels for your items. You will also have proven documentation of value in to support your insurance claim.
Determine What Insurance Jewelry Needs
The personal property coverage of your homeowners or renters insurance policy might cover jewelry. However, these policies may not offer enough coverage to protect items of excessive worth. The property insurance will likely cover daily or costume jewelry.
However, custom jewelry or expensive pieces may benefit from their own insurance plans. Jewelry insurance policies are available for many items. These policies often can cover damages and replacement costs. They can also cover many perils that affect jewelry like theft or fires.
Take Steps to Protect Your Jewelry
Many jewelry insurance policies won’t cover you if you are negligent in the care of your jewelry. Negligence can be a reason to deny you a claim, even if it is accidental.
You should always make sure that you keep your jewelry safe. Lock it in safe places like safes and keep storage containers hidden. Often, you can deposit jewelry in bank boxes or other vaults for extra levels of protection.
Proper care is another factor that will make sure insurance honors your jewelry claim. Make sure that you don’t neglect jewelry, clean it, and store it properly.
With the right jewelry insurance policy, you can protect your most precious items. Wiglesworth-Rindom Insurance Agency can help you find the policy that is right for you. If you explore our website, you can learn more about getting coverage. If you have questions, call us today at 561-637-2424.