IS MY JEWELRY COVERED ON MY HOME OR RENTERS INSURANCE POLICY?

Jewelry

There are a few ways to insure your jewelry.  Jewelry insurance can be purchased as an extension (also called a “rider”) for your renters’ or homeowners’ policy or on a separate Inland Marine policy. Renters’ and homeowners’ policies cover the stuff in your home, but only up to a certain dollar value: Expensive, special items like jewelry, watches, furs, and art are guaranteed through scheduled personal property coverage — an insurance policy extension that covers particular items.

Anyone with jewelry that has high material or sentimental value — whether your wedding and engagement rings cost $500 or $50,000, an insurance policy is a way of honoring not just their financial value but what they represent. The sentiment behind your rings is priceless, but the rings themselves can be replaced — if they’re insured — in the event that something happens to them.

You’ll need to provide your receipts, as well as an appraisal (which costs a small fee; you can get an appraisal from a certified gemologist)

Questions To Ask Before You Choose a Policy:

  • Is the ring covered if you lose it accidentally, or only if it’s stolen?
  • How will the company replace the ring — with a check? Or will they require you to purchase a replacement through a specified jeweler?
  • What if it’s a vintage ring or other unique piece? How will the quality and size of your diamond — and that of a replacement if needed — be documented?
  • Is the ring insured to full cost or a fraction of it?

 

Don’t Get Lost Without The Right Coverage:

If you don’t currently have your higher valued jewelry, watches, furs, or artwork scheduled on your homeowners’, renters’, or inland marine policy, you may experience a double whammy should you have a loss.  It is difficult enough to lose an item, but you don’t want to be told it is not covered on your home or renters policy as well.  Please call Oldham & Associates Insurance to learn how you can get your items covered today!

 

Oldham & Associates Insurance 469-519-1032