Commercial Lines Personal Lines Group Health
1)We always suggest to review your current insurance policy. For particular losses, homeowners and renters policies will usually have sub-limits for losses. In traditional policies the sub-limit for jewelry is around $1,500.
2)Schedule items of significant value. If you have many items in your possession of considerable value, you will want to schedule them. The benefit to scheduling an item is that it may eliminate your deductible, if you file a claim. While insurance policies may take into account the replacement value of your house each year, it does not do the same for your antiques, jewelry, and other collectibles.
3)Acquire an appraisal. If you have had a piece or artwork or memorabilia for more than 4-5 years, you may want to consider having the item appraised. The value of a piece of jewelry depends on many factors such as: condition, color, age, and clarity of the stone.
4)Create an inventory of your jewelry, diamonds, and other previous stones/metals. The inventory can include such information as: the date you got the piece, a picture of the item, where your purchased the item from, and a copy of the receipt. It is best to keep a copy of the inventory on either your computer or in a safety deposit box.
5)Store your jewelry in a safety deposit box.6)Loss prevention measures. Make sure to purchase a home security system. This can also lower the rate of your homeowner’s or renters policy.
If you are like most people, you probably don’t pay much attention to your homeowner’s insurance policy. Unfortunately also like most people, you are probably underinsured. When it comes to your typical homeowners or renters insurance policy there are usually low limits for any type of antique, jewelry, or other collectible type of loss. As the price of gold, platinum, and certain gemstones increase many people are looking into new ways to protect their valuables. Increasing your jewelry or other specialty coverages may be the best option for yourself and your family. Here are a few tips!