The value of a valentine: Insuring your jewelry
Whenever you purchase a piece of fine jewelry, you should check your homeowners insurance policy to see what is covered. Here’s how you can insure your jewelry:
• A typical homeowners policy will automatically include specific coverages and limits, depending on the policy. Check your policy to see what is covered, such as loss or theft. In these cases, your deductible would apply.
• Schedule jewelry on your homeowners policy. This gives you the broadest coverage for an additional premium. If you choose to do this, it will cover any causes of loss except those that are specifically excluded. This coverage will pay the replacement cost of the item, and no deductible applies.
To make sure you have the proper coverage, bring a very detailed receipt from the purchase or have your jewelry appraised. An insurance appraisal should describe all the particulars of the piece, such as the color and weight of the gold or the cut, color, clarity, and carat weight of the diamond.
You also should have your jewelry inspected periodically. A jeweler will catch small problems like loose stones or worn prongs before they lead to significant damage or a lost stone.
Ask your agent for help understanding your policy if you have any questions.