Should you get insurance for your jewelry?

Should something happen your jewelry, you’d want it covered, right?

Buying jewelry, for many, can be an investment. Jewelry isn’t cheap and finding the perfect piece is no easy feat. If something happened to that piece of jewelry, you’d want to ensure it’s covered, right? Interestingly enough, most are unaware that jewelry itself is limited in coverage on your homeowner’s policy and are surprised when the policy will only cover a fraction of the jewelry’s worth. There are important steps you need to take in order to ensure adequate and proper coverage of your prized possessions.

In order for jewelry to be covered, each piece, or item, would need to be scheduled. Scheduling a piece of jewelry requires a few additional steps but is a relatively painless process. First, you will need to obtain an appraisal from an expert or reputable jeweler who can provide such a document. You then submit that appraisal to the insurance company, whereby the insurance company will either agree to the value or not. Please note, the insurance company must agree to the value before they will allow the item to be endorsed or scheduled on your homeowners/renters policy.

Some of the benefits of scheduling personal property, such as jewelry, are as follows:

1. Replacement cost value

   Scheduled items are covered on a replacement cost basis rather than cash value. With replacement cost, you get the actual cost to replace the item based upon the appraisal you submitted

2. Covers more causes of loss

   By scheduling your property, you gain coverage for almost anything that might happen

3. No deductible
   

   With scheduled jewelry, you are not responsible for paying a deductible on any of your scheduled items

4. Mysterious disappearance
   

   Should you lose the item in question, the item would be covered under “mysterious disappearance”

Additionally, there is blanket coverage that helps protect your assets. Of course, there are always a few caveats that one needs to be mindful of. Most insurance companies will set specific limits on the amount of property you can cover.  The benefits of blanket coverage are the same as scheduled items but for lower valued possessions.

In order to receive this kind of protection on your jewelry, speak to your insurance provider about getting this specific coverage added to either your home or renters policy. Since it is not a separate policy itself, it will just be added as an exemption to your existing policy.

Here at Ramey King, we’d be happy to sit down and help you find ways to cover your valuables that might not necessarily be covered under your standard homeowner’s insurance policy.  Contact us today to ensure your possessions are adequately covered!

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