Jewelry Warehouse: Precious Protection - Should You Insure Your Jewelry?
Precious Protection - Should You Insure Your Jewelry?
Do you have sentimental or expensive jewelry lying around your house that you worry could be stolen? Or, maybe you're concerned about losing it?
If so, you probably should consider extra insurance because your homeowner or rental policy doesn't likely cover the entire cost of replacing your most valuable items.
Here's some advice:
CHECK YOUR POLICY: Find out how much jewelry your homeowner's or renter's policy includes and what circumstances are covered. While it depends on the individual company, most policies cover stolen jewelry, but just $1,000 to $2,000 worth. Homeowner's insurance generally won't cover your misplacing an item.
CONSIDER A FLOATER: If you have items worth more than you're covered for, consider buying an additional policy using a "floater" or "rider" for their replacement cost, which will also cover lost jewelry. For floaters, insurers typically charge a percentage of an item's value and don't levy a deductible.
INSURE THE ITEMS YOU WEAR: Many people think they don't need extra jewelry insurance until they get engaged and own a valuable ring. It is best to insure any items you wear regularly because wearing them increases the chance of losing them. It is also recommended insuring any item worth more than $1,000.
APPRAISE EVERYTHING: Before taking out an additional policy, have your jewelry appraised to make sure you insure it for the right amount. The appraisal should include a very thorough description of the article with photographs of each item.
Keep in mind that the appraisal doesn't guarantee the value will remain the same in coming years. So it's good to have jewelry appraised every couple of years, especially given inflation and fluctuating prices for gold, silver and diamonds.
DOCUMENT AND GUARD YOUR ASSETS: Document everything you have insured. Hold on to the receipts for your jewelry and the appraisals made on the jewelry, then make photocopies of all everything and keep them in a place for safekeeping - in case you have to refer to them at a later date.
If so, you probably should consider extra insurance because your homeowner or rental policy doesn't likely cover the entire cost of replacing your most valuable items.
Here's some advice:
CHECK YOUR POLICY: Find out how much jewelry your homeowner's or renter's policy includes and what circumstances are covered. While it depends on the individual company, most policies cover stolen jewelry, but just $1,000 to $2,000 worth. Homeowner's insurance generally won't cover your misplacing an item.
CONSIDER A FLOATER: If you have items worth more than you're covered for, consider buying an additional policy using a "floater" or "rider" for their replacement cost, which will also cover lost jewelry. For floaters, insurers typically charge a percentage of an item's value and don't levy a deductible.
INSURE THE ITEMS YOU WEAR: Many people think they don't need extra jewelry insurance until they get engaged and own a valuable ring. It is best to insure any items you wear regularly because wearing them increases the chance of losing them. It is also recommended insuring any item worth more than $1,000.
APPRAISE EVERYTHING: Before taking out an additional policy, have your jewelry appraised to make sure you insure it for the right amount. The appraisal should include a very thorough description of the article with photographs of each item.
Keep in mind that the appraisal doesn't guarantee the value will remain the same in coming years. So it's good to have jewelry appraised every couple of years, especially given inflation and fluctuating prices for gold, silver and diamonds.
DOCUMENT AND GUARD YOUR ASSETS: Document everything you have insured. Hold on to the receipts for your jewelry and the appraisals made on the jewelry, then make photocopies of all everything and keep them in a place for safekeeping - in case you have to refer to them at a later date.
