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If you received an engagement ring or other expensive piece of jewelry during the holidays, who are you going to call to tell about it? Your mother? Your best friend? Maybe you’ll post your good fortune on Facebook? These may be your first impulses but, the most important call should be to your agent at Henneberger & Flynn Insurance Agency.
Standard homeowners and renters insurance policies include some coverage for personal items such as jewelry and other valuables. However, most policies limit the dollar amount for the theft of valuable personal possessions such as jewelry, furs and precious stones from $1,000 to $2,000.
To properly insure jewelry, consider purchasing additional coverage through an endorsement or separate policy specifically for jewelry.
In most cases, this would also cover you for “mysterious disappearance”. This means that if your ring falls off your finger or is lost, you would be financially protected. These endorsements added to your current homeowner’s policy or stand alone jewelry policies carry no deductibles and frequently provide the option of having the insurance company replace the item for you.
While there is no way to insure the sentimental value of jewelry, at least having it properly insured will provide financial protection in the event it is lost or stolen.
To make sure your jewelry is adequately protected, we suggest the following:
Let us know that you are now in possession of an expensive piece of jewelry. Find out how much coverage you have and if additional insurance is needed.
Heirlooms and antique jewelry will need to be appraised for their dollar value. Ask us for recommendations regarding a reputable appraiser in the Paducah area. It is important that expensive items be appraised properly—if you purchase an endorsement, you will pay a premium based on the appraised value and in the event of a claim, and you will be compensated for this dollar amount.
Forward a copy of the receipt to us so that your insurance company knows the current retail value of the item. Keep a copy for yourself and include it with your home inventory.
Protect your jewelry by storing it in a secure location in your home.
Protect your jewelry by storing it in a secure location in your home. If you do not plan to wear the item regularly or are holding it for a child, consider keeping it in a safe deposit box. You may save money on the cost of insuring it, as some companies offer ‘in vault’ coverage. If you want to wear the jewelry for a special occasion, many insurance companies will offer the option of purchasing additional coverage for the time it is out of the bank. You would, of course, have to notify us ahead of time.
Expensive items can go up or go down in value. Talk to us about how to make sure the dollar amount of the endorsement reflects these changes. Prices for endorsements will vary depending on the type of jewelry, the insurance company you choose, where you live and where the item will be kept.
Get into the habit of keeping a visual record of all of your personal possessions. This helps to document your loss and speed up the claims process. It is also useful to document antique and unusual pieces of jewelry.
Everyone should have an up-to-date inventory of their personal possessions. An inventory can help you purchase the correct amount of insurance and speed up the claims process when there is a loss.