Special occasions – from a couple's engagement to a promotion at work – may be marked with expensive jewelry. It's important to protect your valuables 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 may 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.
Follow these tips to keep your jewelry safe:
- Store your jewelry 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.
- 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.