By TE Cunningham
He just popped the question, and a beautiful, shiny diamond now adorns your ring finger. Or maybe it’s Valentine’s Day, and your partner showed his love by getting you the elegant pearl earrings you had your eye on for some time. Or you and your partner are celebrating the 25th anniversary by picking out new rings. Maybe you just received a new, engraved Rolex as a retirement gift.
In this country, it has become a tradition to say it with jewelry. From family heirlooms to the latest fad, we love jewelry. As we begin to collect precious items, its time to take a minute to learn how to protect them beyond cleaning and regular checkups to make sure stones do not become loose.
Protecting your jewelry also means making sure your items of value are properly insured.
While you can purchase a stand-alone policy from a provider, who specializes in jewelry most people simply add a coverage line to their homeowner’s insurance policy. High-end personal property such as jewelry can be covered with a scheduled floater.
Things you will want to evaluate:
- Does the policy cover loss from catastrophic events
- Does the policy cover theft
- Does the policy cover misplaced or lost jewelry, referred to as “mysterious disappearance.”
- Does the policy cover jewelry repair services if your jewelry gets damaged
Ask your agent about possible jewelry coverage included in your homeowner’s policy. Agent Ashley Krueger states, “You should talk to your jeweler about an appraisal to know for sure what the value of your items are. Most likely, your insurance carrier will want a copy of that appraisal. If you have high valued items, you’ll want to talk to your agent about scheduling those items individually. Peace of mind is worth so much.”
So what’s it cost to make sure your priceless items stay in your possession?
Per year, you can expect to pay up to two dollars in premium for every hundred dollars for which your jewelry item is valued.