We all have valuable items that we cherish dearly, from diamond rings, to family heirlooms, to pieces of art. While these things rarely come with their own insurance or warranty, private insurers offer the option to add your most prized possessions to your existing policy so you can feel comfortable knowing your most prized possessions are protected. Typically, valuables may be added to a homeowner’s or renter's insurance policy.
Insure Before You Buy
Before you even purchase something of significant value, you should communicate with your existing insurance agent to discuss the additional coverage you will need. Inform your insurer of what you plan to buy and how much you plan to spend. They can provide you with further details on your options.
Are My Jewelry and Valuables Covered Under My Homeowners Insurance?
Normally a Homeowners insurance or Renters insurance policy will provide some amount of insurance coverage for jewelry and other valuables. However, the amount of coverage is subject to a sub-limit, both for the total amount of coverage as well as for any one individual item. In most cases, the replacement cost value of an engagement ring is much greater than the policy limits.
Your insurance agent can schedule your expensive individual items on your Homeowners or Renters insurance policy for an additional premium. This is typically the best and least expensive way to insure your valuable items, as it is usually cheaper than buying separate insurance.
If you do not have an existing Homeowners or Renters insurance policy, or would prefer to purchase separate insurance, you can also opt for a stand-alone policy. Most insurers offer valuable articles coverage for certain items such as jewelry, watches, collectibles and antiques.
Keep a Home Inventory
You should always keep an up-to-date home inventory in the case of emergency. Are you able to recall a detailed list of the items in your home from memory? Would you know what to report if your items got damaged or stolen? Without a current list of personal belongings, you could face challenges when trying to claim your losses. If you don’t have a home inventory already, create one today by documenting your expensive items and valuables. One popular and easy way that many of our clients are documenting their home inventory today is by creating a short video of their items.
Jewelry insurance is an affordable option that will put your mind at ease. The cost to protect your items is usually only approximately 1% to 2% of its original value. So, the next time you receive a cherished gift, make it a priority to protect it. If you are looking for a quote for your valuables, would like more information or have questions, contact us at Danskin, we’re here to help!