Over the course of our lives, most men and women amass a collection of invaluable pieces – our father’s timepiece that has been lovingly passed down, cufflinks from Uncle Kevin, our engagement ring, that diamond tennis bracelet from the 80’s that we don’t necessarily wear anymore, but sits in our jewelry box because it’s valuable. Some items have more sentimental value that monetary, so should we insure them?
Imagine this scenario: You’ve been at the beach all weekend, and come home to find your home has been ransacked. Your TV, laptop, gaming system, 2 Ipads, video camera and all your jewelry is missing. The first thing you do is check your existing homeowner or renter’s insurance policy and see where you stand. Most policies include a sublimit for lost or stolen jewelry and other valuables. This will differ between policies and carriers, but most range from $1,000 to $10,000 in available coverage. Also keep in mind, you would be responsible to pay the deductible on your homeowner policy first.
If you have a renter/tenant or a homeowner’s insurance policy, you have the option of scheduling your jewelry on your policy. Most carriers will provide coverage for the item being lost, stolen or misplaced for a minimal fee. In most instances, you can also select a $0 deductible for the specific item, so the standard homeowner deductible would not apply.
Think about “Scheduling” your jewelry now before it is too late.
If you have a renter/tenant or a homeowner’s insurance policy, you have the option of scheduling your jewelry on your policy. Most carriers will provide coverage for the item being lost, stolen or misplaced for a minimal fee. In most instances, you can also select a $0 deductible for the specific item, so the standard homeowner deductible would not apply.
“Scheduled” means the item is listed separately and not attached to everything else. This can be part of your existing policy or it can be a completely separate policy. Insurance for scheduled jewelry normally costs around $1 to $2 per $100 worth of jewelry per year.
If you decide your jewelry is important enough to insure, you will need a few things. You’ll need an appraisal or the original receipt. You may also be asked to provide certificates. Larger gemstones, especially diamonds, are graded and certified by one or more industry accepted organizations. The two most common are the GIA and the EGL. Pictures of your jewelry are usually included in the appraisal, but you should have them for your own records anyway.
Contact Gallen today to ask questions about your policy and find out exactly what coverage you currently carry.