Tomorrow is Valentine’s Day. Did you know that there is very little coverage for jewelry under a standard homeowner’s or renter’s insurance policy? In most cases, there is only $ 1,000 in coverage, and that is subject to your deductible. With the average engagement ring being valued at around $6,000 (according to the knot), you can see the basic policy does not offer nearly enough coverage.
To ensure your jewelry is properly covered, you can add additional coverage to your home or renters policy as an endorsement or purchase a separate jewelry policy. These riders and policies will cover everything from theft to mysterious disappearance.
Here are the steps needed to make sure you have proper coverage for your jewelry:
- Make a list of all the special items you would like insured.
- Gather all of your jewelry receipts or have your items appraised.
- Contact your insurance agency immediately and let them know that you have jewelry that you would like to insure. They will offer you the best option to make sure you’re covered.
We know that an insurance policy will not cover the sentimental value of your jewelry. However, it can help lessen the sting knowing that you have insurance to replace your special gift.
Erin Neill is the owner of Hanby Insurance, bringing over 25 years of hands-on experience helping families and businesses across Texas find the right coverage. As a Certified Insurance Counselor (CIC) and licensed independent agent, Erin and her team work with multiple carriers to find policies that truly fit your needs.