Whether it’s a gift from someone special or a gift to yourself, a new piece of jewelry can bring some sparkle to your life.
However, many people who find themselves victimized by burglars—or worse, a fire or some other disaster—also find out too late that they didn’t have enough insurance to replace their jewelry.
Here’s why: Homeowners policies typically only cover valuable items such as jewelry and watches up to a specific amount. For example, if your limit is $5,000, but you have a $15,000 diamond ring, you’d be on the hook for an extra $10,000 in order to replace it. There might be other issues as well, such as whether your policy covers each individual piece of jewelry at a set amount, or provides coverage for your collection as a whole.
This all might sound complicated, but it’s really not—especially when you work with an independent agent who can explain your options and make sure you get the right coverage. No matter how you buy your insurance, though, below are a few things you’ll want to consider.
Whatever you choose to do, remember that you play an important role in keeping your jewelry protected, too: Be sure to store it securely, whether in a safe at home or a safe-deposit box at a different location. After all, having the right coverage is great—but it’s even better when those special pieces stay with you and your family for years to come.
Top image by Flickr user Kai used under Creative Commons Attribution-Sharealike 2.0 license. Image cropped and modified from original.