By Ashley Bailey
, Monday, October 09, 2006 12:00 AM
Your jewelry is generally covered by your homeowner’s or renter’s insurance policy. It is important for you to look into the coverage policies provided by your insurers because limits are often placed on the amount of coverage that the policy will allow. For example, many insurance policies only cover up to $1000 worth of stolen jewels, but your collection may be worth much more. Theft is also, generally, the only misfortune that is eligible for reimbursement. Coverage for lost or damaged jewelry may have to be purchased separately.
Additional coverage is often available through your primary insurance provider. It is important to ask your agent about the maximum value, scope of coverage, and deductibles. Are the premiums and deductibles of your policy negotiable? Additionally, be sure to find out whether or not a formal appraisal of the jewelry’s value is required. Jewelry-specific policies are also available for extra protection. Many independent insurers will offer full coverage and may or may not require that the jewelry be appraised. Some are even available without a deductible.
Some companies actually specialize in jewelery insurance and may provide the best policy options for the money. Two that many of our customers have had success with are Jewelers Mutual and Chubb.
By simply calling your insurance agent, you can learn more about most of information listed in this article. Ask questions about your policy - and seek out additional companies or coverage if you feel that it is necessary. Lost or stolen jewelry is certainly not an appealing thought. But, by addressing it now, you can prevent additional headaches in the future.
For more specific questions ask our experts