Protect Your Jewelry from Thieves
Special occasions – from a couple's engagement to a promotion at work - are often marked with expensive jewelry. It's important to protect your valuables both physically and with the appropriate jewelry insurance coverage.
Your standard homeowners or renters insurance policy covers jewelry up
to a certain value. To properly insure jewelry and other expensive items,
consider purchasing additional coverage through an economical floater or
an endorsement.
If you lose a piece of jewelry, you would be covered in most cases. With
floaters and endorsements, there are no deductibles, and frequently you
will have the option of having the insurance company replace the item for
you.
Keep your jewelry safe with these tips
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Contact your insurance professional when you purchase or receive
jewelry to discuss coverage.
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Have the item appraised.
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Keep a copy of the store receipt and send a copy to your insurance
agent.
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Protect your jewelry by storing it in a secure location in your home.
If you don't plan to wear the item regularly or are holding it for a
child, consider keeping it in a safe deposit box.
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Take a picture of the item or collection. Get into the habit of keeping
a photo record of all of your personal possessions. This helps to
document your loss and speeds up the claims process.
- Update the value of your jewelry. Expensive items increase or decrease in value from year to year. Talk to your insurance professional about how to make sure the dollar amount of your floater or endorsement reflects these changes.
