Did you give or receive jewelry last month for Valentine’s Day? Fine gems are no small investment and it’s important to understand how to protect your valuables. While your current homeowners policy is a good way to guard your big-ticket items from an unexpected loss, your coverage might spell heartbreak if it doesn’t cover the full replacement cost of your investment.
Love is in the Air…For An Insurance Policy That Provides Full Protection of Your Treasures
A standard homeowners policy typically provides coverage for your personal property, but many plans limit the amount of coverage you can receive for specific items and losses to those items are subject to your policy’s deductible. A smart way to protect your valuables for their full replacement value is by “scheduling” them onto your homeowners policy. Scheduled personal property insurance or a “jewelry floater” is an optional add-on to your existing homeowners insurance policy that provides coverage for a greater number of risks and may increase coverage limits on specific, high-value items.
Besides jewelry, you might consider purchasing scheduled personal property insurance for items including: art and antiques, furs, stamps or coin collections, firearms, musical instruments and expensive cameras.
The amount of coverage granted is usually determined by a current appraisal of the item(s), typically no more than two to three years old, or with receipts for newly purchased items. In the case of jewelry, a certified gemologist or jeweler can provide you with an appraisal for a small fee, which may be waived at the place where the jewels were originally purchased. The appraiser will provide you with a detailed description of your gems, indicating size, photos and a suggested replacement cost.
Cupid’s Arrow Hits the Mark with Scheduled Personal Property Insurance
Scheduling your jewelry and fine art ensures that coverage is for all risks, including theft or accidents (such as dropping your engagement ring down the sink). Scheduled items are not subject to the policy deductible and the loss settlement reflects the amount you scheduled them for. If you choose to purchase scheduled personal property coverage, you may have the option to choose a lower deductible or no deductible for the scheduled items.
Because the value of certain items like antiques or collectibles can go up and down over time, it’s wise to get regular appraisals done to make sure the insurance coverage on your valuables matches their worth.
Let Us Play Cupid…with Insurance Options
While Valentine’s Day most often signifies the gifting of expensive baubles, we understand that you might have more than just jewelry to protect from the unexpected. We encourage you to contact us to learn more about the insurance options that exist and how we can work with you to lower your financial risk and ensure your peace of mind when it comes to protecting your valuables.