If you have a love for jewelry, it is important that you ask yourself some questions so that you can make smart decisions regarding your collection’s safety. Below are some questions that you should consider:
If you are relying on your standard homeowner’s policy to protect jewelry that is lost, damaged or stolen, you should know that the coverage is usually very limited and subject to a deductible. If you have special pieces with substantial value, we urge you to purchase Valuable Items coverage. There are different types of coverage available in the marketplace and policy details can vary from one carrier to another, so you should speak with your agent about your collection. Your agent can provide you with helpful information that will enable you to choose a policy that meets your needs.
Appraisals can help you understand the worth of your valuables. It is important that you have your jewelry re-appraised every 3-5 years to account for fluctuations in the market. It is also important to keep the appraisal in a secure location, such as a UL-rated home safe or safety deposit box.
Where you place your valuable jewelry items can make a big difference in keeping your collection safe. When you return home from an event, many people simply place their beloved items in a box or pretty dish on the dressing table; unfortunately, this is the first place someone would look if they entered your home with the intent to rob you.
It is best to keep your special pieces stored in a wall safe with a combination. In fact, storing your jewelry in a UL rated home safe can result in substantial discounts on your insurance policies. You can also choose to keep special pieces in a safe deposit box at a bank and only take them out for special occasions.
Be sure that your home safe is bolted down to the floor. The weight of the safe often gives homeowners a false sense of security because they assume it cannot be stolen, but that is incorrect. Thieves can be resourceful, and even heavy safes can be at risk for theft.
When you have a jewelry collection, we recommend that you photograph each piece and store the photos in a secure location, such as a UL-rated home safe or a safe deposit box. Having a photo stored away as part of your home inventory will be very valuable during the claims process in the event of a fire or burglary.
If you are planning a trip and want to bring jewelry with you, consider keeping your valuables locked in the hotel’s safe. Check with the front desk for details. You are usually required to sign your valuables in and out. When they are not in the hotel safe, be sure to keep them with you.
When you add a piece to your collection, be sure you inform your insurance agent as soon as possible so that it can be added to your policy. Most Valuable Collections policies offer automatic coverage for newly purchased items, but the time frame varies between 30 – 90 days.
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This article is for general informational purposes only and is not to be relied upon or used for any particular purpose. Cross Insurance shall not be held responsible in any way for, and specifically disclaims any liability arising out of or in any way connected to, reliance on or use of any of the information contained in this article. The information contained or referenced in this article is not intended to constitute and should not be considered legal, insurance, accounting or other professional advice, nor shall it serve as a substitute for the recipient obtaining such advice. The views expressed in this article are that of its author and do not necessarily represent the views of Cross Financial Corp. and its subsidiaries and affiliates (“Cross Insurance”) or Cross Insurance’s management or shareholders.