As you know tomorrow is Valentine’s Day. What you may not know is that there is very little coverage under the standard home owners or renters policy for jewelry. In most cases there is only $1000 worth of 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 make sure that you have the proper coverage for your jewelry, you can purchase additional coverage under the home or renters policy by endorsement or by purchasing a 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 your special items that you would like to have 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 your jewelry. However, it can help lessen the sting knowing that you have insurance to replace your special gift.