Is Your Jewelry Insured Correctly?
Many people believe their jewelry is insured under the personal property section of their homeowner's insurance. Well folks, it is and it isn't!
Most homeowner's policies provide a very basic level of jewelry coverage. This ranges from $1,000 to $1,500 for the loss of one jewelry item and from $2,000 to $2,500 for the loss of all of your jewelry. That's it!
If you have one or more pieces of jewelry that is worth more than $1,500 or if all of your jewelry is worth more than $2,500, then it needs to be professionally appraised. Why? Because your insurance agent can change the coverage levels for your jewelry IF you provide him/her with a professional appraisal.
The professional appraisal enables the insurance agent to increase the amount of coverage on your jewelry. And those higher insurancevrates are pretty inexpensive too! My agent tells me that it is only $30 more on my premium to provide an additional $3,000 of jewelry coverage!
And it makes sense too. If you have a $3,500 wedding set, you would like it insured for the full amount in case of loss. Right? Or if something happens to that $4,000 necklace that your grandmother left you, you're going to want to hear that it was insured for it's full value, right?
And you can make sure your high value jewelry is fully protected just by having a professionally trained appraiser prepare an appraisal for your insurance agent.. It's as easy as that!
If you haven't already had your fine jewelry appraised or if your jewelry appraisals are 3 to 5 years old, then give me a call today to schedule your appraisals. It's easy, it's affordable and it provides you with peace of mind knowing your precious jewelry is fully insured!