46°
This is the most common question when it comes to jewelry and the simple answer is yes. Whether you are a collector, the keeper of the family’s heirloom jewelry or the owner of a beautiful engagement ring, you will want the assurance that your valuables are protected in the event of theft, fire or some other unforeseen disaster.
Does my homeowner’s insurance policy offer enough coverage? Probably not, says Advocate. Although a homeowner’s policy will provide some protection for valuables, the truth is, coverage is extremely limited. Additionally, any losses under a homeowner’s policy are subject to their deductible.
Deciding who should add additional insurance for their jewelry can also be tricky. If you are the owner of an expensive engagement ring, a few special pieces with sentimental value or a significant collection, you might want to consider Valuable Items coverage. It is smart to keep a photograph of the piece as well as the appraisal and original receipt. This can make the process or replacing items easier should they become lost or damaged.
Advocate Tip: If your engagement ring is covered under a rider on your homeowner’s insurance policy be sure to have the coverage follow you to your new home!
In order to obtain additional coverage, parties may need to have the jewelry appraised or provide a copy of the original receipt. Depending on the insurance company, the appraisal or bill of sale might need to be no more than two or three years old. These documents will help ensure the policy is adequate to replace the jewelry item in the event of a loss. It's also important to continue to have updated appraisals, so to ensure that coverage is adequate.
The information above covers the basics when it comes to insuring your jewelry. If you want to know more about protecting your valuables, feel free to give Advocate Brokerage a call.
