When you consider the monetary and sentimental value of certain items you own including jewelry or watches, it may be worth taking extra steps to insure that you won’t be at a loss if something unfortunate happens. While most of us maintain a standard homeowner’s or renter’s policy, these types of insurance are unlikely to offer sufficient protection for your jewelry. It may be worth looking into a jewelry insurance policy that can be tailored to your needs whether you have one particular treasure or a collection.
Because jewelry often represents a loved one who is no longer with us, a relationship to someone dear, a symbol of an important event in your life, or a combination of these things, each piece of jewelry is much more than just a physical object. Jewelry insurance is especially helpful if you travel. At home and away, jewelry insurance can provide you with peace of mind to enjoy yourself without having to worry about whether your adventures could result in damage or loss of items valuable to you.
According to the Insurance Information Institute, a standard homeowner’s policy covers jewelry, watches, and other precious items. However, since the typical coverage comes in at $1,500, this may fall far short of what some of your valuables are worth (Insurance Information Institute). If you are interested in additional coverage, you could consider raising the limit of your liability coverage. This raises the dollar amount of what you could claim for the loss of each individual piece but there may still be a ceiling on the potential dollar amount of the total claim. Another option is to purchase a floater policy and “schedule” your individual valuables. This is the most expensive option, but it offers the best protection, as it includes “losses of any type including those your homeowner's insurance policy will not cover, such as accidental losses”--for example, dropping a piece of jewelry down the drain or leaving it in a hotel room (Insurance Information Institute).
The staff at Brides.com reminds us that with great rings come great responsibilities: “While anything that happens to your engagement or wedding ring is heartbreaking, knowing it’s properly insured can help to soften the blow.” The same can be said for anniversary pieces, heirloom jewelry, and any precious piece that is meaningful to you.
If you have pieces you want to protect, Waitte’s Insurance Agency is happy to work with you to find a plan that fits your needs. Give us a call!