Tips and Strategies for Safeguarding Your Valuables
Knowing how to insure your jewelry is an important step in protecting yourself against loss, theft, and damage. The first step to insuring your jewelry begins by visiting an independent appraiser and having them provide you with an accurate appraisal of your jewels and jewelry. You should receive written documentation that provides both the name of the appraiser as well as and accurate listing of your jewelry. Your jewelry should be described in detail that includes carat weight, any distinguishing features, and their current value.Next, if you are a home owner you will want to review your home insurance policy to see if it already includes any coverage of your jewelry. If you are a renter then you can review your renter’s insurance. If your jewelry is completely covered according to the amount that it appraised for then you should be fine. If it isn’t than you will need to choose insurance that will completely the cover of the value of your jewelry.
I recommend adding this additional coverage onto your existing homeowners or renter’s insurance policy. Clearly you have already established a professional relationship with an insurance agency. Adding additional items to your existing insurance policy can be less expensive than having a separate insurance policy. You can use the same company to have an individual insurance policy of just you jewelry if you want to, but there really is no reason to do this. If you prefer you can choose to insure your jewelry with a company that exclusively insures jewelry.
When choosing a policy you will be given a number of different options. Some of these will include options for deductibles just like your other insurance policies. If you are more than willing to pay for minor damages and repairs to your jewelry you can choose to have a higher deductible, which can save in the costs of your insurance.
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