So this is the year you have decided to buy that special someone the gift of Jewelry. Whether it’s that diamond bracelet your wife has always wanted or that Rolex watch your husband has been dreaming of. We love to spoil each other! However, the satisfaction of giving someone such a thoughtful present over the holiday season pales in comparison to the dreadful feeling of having that valuable item lost or stolen. It’s a great feeling to splurge on the ones you love but you will want to make sure your valuables are protected.
The last thing people usually think about after opening that precious gift is insurance but it should be the first. Most homeowners insurance and renter’s insurance policies have set limits for valuable items such as jewelry, art, silverware and furs. In many cases that limit can be $1500 or lower, these limits vary by insurance company. We all know that diamond bracelet and Rolex watch cost you much more than that. To protect your more expensive valuables, you’ll probably need to buy additional coverage in the form of a rider. Also known as “scheduled personal property.” This is simply optional protection you can add to your homeowner’s policy to cover high-value items
I have a friend and client that went on her honeymoon to Hawaii. While swimming in the ocean her expensive new ring slipped off her finger. Although devastated, this couple took the necessary steps and insured the ring prior to their honeymoon. When they returned to the mainland she was able to replace it. So what do you need to do to protect yourself? Be sure to have a current appraisal from a certified professional and call your independent insurance agent as soon as possible. Insurance for items of high value usually isn’t very expensive and it is worth it for the peace of mind that you and your loved one will have.
If you have any questions regarding adding jewelry to your homeowner’s policy or renters policy, please feel free to contact the experts at Weeks & Associates Insurance Services. We’ve got you and your valuables covered!