Extra coverage for your jewelry may provide you with sufficient coverage to financially protect your most precious of jewels.
Valentine’s Day is right around the corner and you may have already picked out the perfect necklace, bracelet, or watch for your significant other. While it is true that your homeowners insurance policy can cover normal “home-based” damage, it may not cover jewelry-based damage. Here are a few tips on how you can find out if your jewelry has the right amount of coverage.
What does your existing insurance policy cover?
Typical homeowners or renters insurance will cover your jewelry, yes, but only up to a limit. So, if your incredibly expensive pearl necklace is stolen or damaged (by something that is covered), you will not receive anything above your limit. Furthermore, a typical policy only covers for things like fire, theft, vandalism, et cetera–not for jewelry damage like a stone falling out of place.
What is the cost of your existing jewelry collection?
You need a professional to appraise your existing jewelry collection because this is the only way you can know your coverage is sufficient for your needs. If not, you should consider extending coverage.
What special jewels require additional coverage?
Once you know your coverage and the monetary value of each piece, you can stitch together a plan to extend your coverage to certain pieces that may surpass your existing coverage. You can alter the covered damages for these pieces to include loose stones, and other jewel damage.
Jewelry is considered to be very valuable–both in cost and sentimentally–so it pays to assure it is covered for all of your needs. The right homeowners insurance policy with Reata Insurance Group can help you get the coverage you need. Contact us for the best rates and for all of your insurance needs.