The holidays may be over but Valentine’s Day is approaching. While it may be cold outside, love is still in the air. Well, love and a few other things perhaps, such as new jewelry.
It’s exciting to receive jewelry from a loved one – or to give it as a gift. Not to mention it's romantic. But if you’re lucky enough to have some new jewelry in your home, you should take a few minutes to think about something you probably don’t find exciting or romantic: insurance.
Don’t know where to turn? Don’t worry. We think it is exciting to help our customers protect what’s most important to them – so we’re ready to help and can answer all of your questions.
Things to consider when insuring jewelry:
• The first thing to consider is that you may need to purchase additional coverage. Your homeowners policy covers valuable items such as jewelry but only up to set amounts as stated in the policy. If the cost of replacing your jewelry exceeds that limit, you will want to purchase scheduled personal property coverage. You can simply check your policy or give us a call.
• You might want to reconsider your deductible amounts. As always, this impacts your policy premium. It’s a good idea to take a look at your deductibles whenever you make a change to your policy.
• Do you need an appraisal? You may need to have an independent appraisal if the insurance company requires it or if you don’t know the value of your jewelry. Each item should be listed with a description and value on paper.
• What kind of coverage is offered? You’ll want to determine if items are covered no matter where they are, like here at home, or on an international trip, and if the policy offers full replacement cost. You also should ask if you will be required to replace your jewelry if lost or stolen, or if you can simply keep the cash settlement.
• Pictures can be helpful. Lost or stolen pieces of jewelry sometimes can be recreated if the jeweler has a good photograph to work from.
• Should I go with a company that specializes in jewelry insurance? There are companies that specialize in jewelry insurance. Whether you choose one of these, or a company that we represent, you’ll want to know they are reputable and stable.
• Is the value of your jewelry mainly sentimental? Is an item irreplaceable? If the answer to either of these questions is "yes," you might consider foregoing insurance. But please, talk to us at before making that decision. That’s what we’re here for.
Of course, it’s important to store your jewelry securely when it’s not in use; a safe in your home or a safe-deposit box is best. We want your jewelry to be replaced if it’s lost or stolen, but we’d rather your sentimental and valuable pieces stay with you and your family for years to come.
Here’s hoping your special days are full of fun and romance. And if there’s no jewelry involved, well, there’s always next year!