subject: How To Insure Your Jewelry [print this page] How To Insure Your Jewelry
Insuring Your Jewelry
Okay, we've had our jewelry appraised; now how do we make sure the appropriate insurance coverage is in place based on the appraisal. First, check your homeowner's or renter's insurance policies. Don't be surprised what you may find. Most homeowner's or renter's insurance policies don't actually cover your jewelry as much as you may think. You are probably going to find that just as most policies, your homeowner's policy only covers up to a maximum of $1000 for jewelry theft, and your renter's policy will only cover up to $500. Call your insurance agent and find out exactly what is covered under your policy. Make sure your current policy covers loss, theft and damage. If any of these are missing, or you find that your coverage only covers a fraction of what your jewelry is worth, you need to consider purchasing a separate jewelry insurance policy.
As you consider purchasing additional insurance for your jewelry, take some time to look over your options. Talk to several insurance companies to be certain that you will be properly covered. To help you obtain proper coverage, you may want to consider the following questions when speaking with agents:
How will the claim be settled?
Are the pieces covered fully or partially (how is the amount of the settlement determined)?
Is there a deductible and if so how much?
What if any involvement do you have in the replacement of the jewelry pieces (do you have to replace the jewelry piece, or is a cash settlement offered)?
Does the coverage depend on where the theft or loss occurred; are your pieces insured if you are traveling both in and out of the country?
Does the policy cover repair costs if a jewelry piece is broken?
Are there any exemptions or exclusions (i.e., loss due to negligence)?
What type of documentation are you expected to provide (i.e., photos, certificates of authenticity, appraisals etc.)?
Compare your findings from the various insurance companies explored, pick the one that provides the coverage you want and can afford. Once you have determined which insurance company you plan on using, be sure to read the policy thoroughly before signing. If you have any questions, make sure to discuss them with your agent before signing.
As stated in a previous article, it is a good idea for you to maintain a current inventory of your jewelry, including photos. The inventory and photos can greatly assist in helping you remembering what is missing. Be sure to store a separate copy of your inventory and photos in a separate location (friend or family members home, lawyer's office or safe deposit box).
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