Homeowners’ or renters’ insurance is designed to protect your property from disasters and theft; however; many individuals are not aware that these policies place dollar value limitations on certain items. Here are following points of advice that can allow you peace of mind for the safety of your jewelry.
Insurance companies have standard limits on special collections, which includes jewelry, fine art and a few other select groups. The limits are often around $2,000 to $3,000 and may be less under a renters’ insurance policy. If you have any amount of valuable jewelry, this figure is not sufficient to cover the loss; for example, an engagement ring and wedding band set can easily exceed this limit.
Keep documents and photos
You should maintain an inventory of your property so it is readily available if you ever have to file claim. It’s a good idea to keep receipts from purchases and take photos of your belongings for your records that are held in a safe location.
It is important to use a fire-resistant safe or a safe deposit box in order to avoid loss of important documents in event of a fire; however, with the ease of cloud storage, it is possible to upload copies of your documents and photos to a private host. Because many services provide large enough storage for free, you will not need to worry about losing your important information.
Get an Appraisal
Most insurance companies will require appraisals for individual jewelry pieces over a set value, which can vary by the insurer. Appraisals provide you with proof of what the jewelry item is worth and can also benefit as many pieces will increase in value over time.
Add an Endorsement
You can contact your agent or insurance company to have a blanket endorsement added to your insurance. You will need to know the value of the jewelry pieces that you are adding to your policy. The items do not have to be insured separately, but you need to know the amount of the total value.
Another option is using a scheduled endorsement, which can be used if you only have one or two valuable pieces. The additional premium for either choice is usually not high and you have peace of mind knowing that your jewelry is fully covered.
When you discuss this coverage with your agent, you also need to ask about any deductibles and what is included in the coverage. Many endorsement policies do not have a deductible, but you should verify this before signing.
One of our AIS agents will be glad to explain the process and answer any questions you have or you can visit our homeowners’ or renters’ insurance pages at –
The information in this article was obtained from various sources. This content is offered for educational purposes only and does not represent contractual agreements, nor is it intended to replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. The definitions, terms and coverage in a given policy may be different than those suggested here and such policy will be governed by the language contained therein. No warranty or appropriateness for a specific purpose is expressed or implied.