A symbol of love, commitment, and marriage… that ring on your left hand may have huge financial and priceless sentimental value. Imagine the heartache that would entail if you ever lost it; or worse… if you did not have it properly insured.
Avoid such financial heartache and ensure your valuable jewelry is covered by insurance. Most home insurance policies cover valuables such as jewelry, up to a combined limit of between $6,000 and $10,000 depending on your policy and insurance coverage. However, in order to make a claim for this loss, you will face a deductible on your home insurance policy which can be quite substantial.
Instead, consider having your jewelry covered through a separate schedule to your insurance policy. This will ensure you have coverage for those high-value articles and may have a substantially reduced deductible if any. Appraisals are required beforehand to schedule any jewelry or artwork to your policy and scheduled jewelry does not carry a deductible.
Make an inventory of all of your valuable jewelry. This inventory should include photos and receipts, all of which should be kept in a safe place. Have a professional appraiser determine the current replacement value of the jewelry and have this appraisal updated every 3 to 5 years. In the event your jewelry is lost, stolen or damaged, your insurance company may require proof of value.
Whether it is a wedding ring, heirloom or personal watch collection, protecting your jewelry provides you with the peace of mind that your valuables are covered.
In addition to scheduling jewelry, contact your insurance broker to discuss adding high-end valuables such as art, coin collections, fur coats, bicycles and high-end cameras to your current policy limits or about scheduling same if increased limits are required.
Do you have questions about this article or about insurance in general?
Contact Rizk Insurance today and we’ll help answer any inquiries you may have.