Most of us have jewelry that they either wear daily (engagement rings, necklaces, earrings, etc.) or that is stored in their home for safekeeping. Some of these may be sentimental, and some may be of significant financial value, some can even be both! As with anything that has value, it’s important to have that jewelry protected by insurance. There are three main ways you can insure jewelry.
Scheduling On Your Homeowners Policy (this can happen one of two ways)
The first of the two ways is to simply have it covered as a bulk amount on your homeowner’s or renter’s policies. Typically, these personal property coverages are limited and deductibles apply.
The second way to handle it is to schedule it on your homeowner’s policy. This normally means that your jewelry is covered for theft, damage, and the mysterious disappearance at an agreed value, usually determined by an appraisal. The amount this raises your premium is dependent on the value of your items. This way is best if you only have a few items to insure like rings, a necklace, or a high-priced pair of earrings.
Getting Its’ Own Policy
The third way is to get the jewelry its’ own policy. These policies are called Inland Marine policies. They normally have the same coverage as your homeowner’s policy would, but sometimes can allow for broader or higher coverage amounts. These policies are also still based upon an agreed value of your items. Inland Marine policies are typically a better option when you have more than just a few items of jewelry or other high-priced personal property that should be scheduled as well (guns, furs, art, antiques, stamps, coin collections, etc).
It is also important to tell your agent if the jewelry or high-priced items are stored in a bank vault, as this can often lower your premium cost.
Want to discuss this further, or have other questions? Reach out to us!
We are happy to get you connected with one of our licensed agents to discuss any questions you may have. Give us a call at (603) 273-0953, or email us at info@keslarinsurance.com. You can also visit our website, keslarinsurance.com, where we have tons of free resources at your disposal!
