If you or someone you love has a passion for jewelry, then Valentine’s Day is the perfect day to give an awesome gift. We hope you find the following information helpful when it comes to obtaining coverage for your treasured belongings.
A standard homeowner’s policy will typically offer very limited coverage for personal property like jewelry in the event that it gets lost or stolen. You will likely run into low coverage limits that may make it difficult to replace a special piece you love. Adding scheduled or blanket coverage are solutions you may want to explore.
It is important note that if you have your engagement ring covered under your homeowner’s policy, if you ever move, you will need to be sure your coverage follows you to your new home.
If you have a collection of treasured belongings, you should consider a Valuable Items Policy or a Collections Policy.
A Valuable Items Policy is a type of policy that gives customers a broader base of coverage for their valuables or collections, such as jewelry. Losses are typically not subject to a deductible and the coverage is usually not limited to damage done at home. Some policies offer worldwide protection, so that if you are traveling and your engagement ring is stolen, you are still covered.
When a loss occurs, you want to be sure you have appropriate coverage in place. With scheduled coverage, your valuable items are specifically listed along with the current replacement cost for each item on the inventory. When you purchase or receive a new piece of jewelry, it is important that you add the item to your policy. It is important to also obtain regular appraisals of your jewelry so that you are able to provide accurate replacement cost figures to your insurance company.
When your calendar is overloaded and you can’t seem to find the time to schedule your items, Blanket Coverage may be a good option. With blanket coverage, you receive an overall coverage limit for a particular class of items – i.e. for your jewelry. In the event of a loss on one piece of the collection, the settlement would typically be between 10 – 25% of the total coverage for that particular class.
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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.