Do you know if your homeowner’s or renter’s insurance covers your jewelry? We said know, not think. A lot of folks find out the facts of their insurance policies too late, when a loss has already occurred. If you have a significant dollar value in jewelry you may want to see if it is protected in case of fire or theft. Here are some things to consider.
Do you have enough to cover?
If you have thousands of dollars in fine jewelry you may want to cover it. It doesn’t matter whether that is the total value of all pieces or one single expensive ring.
Is it covered?
Read the specifics of your policy. Most policies cover losses up to only a certain amount. Now if you house burns down, that amount will probably be needed for replacing more urgent necessities than jewelry.
How Do I Get Coverage?
If you already have a policy, the easiest way is to raise the coverage limit. If you don’t have a policy in place, you can take out a small one just to cover jewelry. This is a good option if you live with someone else and the renters/homeowner policy is in their name only. Your possessions are likely not covered. If you have only one or two very highly valuable pieces you can cover them exclusively with an insurance endorsement. This only applies if you have an existing policy.
You may or not feel your jewelry needs to be covered. If you do, get the facts about your current policy and find out if it specifically covers jewelry. Chances are you’ll never have an event in which you loose it all. However, that’s why we have insurance in the first place; to protect us from things unlikely to occur but devastating when they do.
The information presented on The Jewelry Junket website is for entertainment and/or informational purposes only and does not constitute legal, financial, or any other other type of advice.
