Have some new valuable jewelry in the house? Receive a piece of artwork for your collection? Protect it!
Ah, Valentine’s Day is near, and love is in the air. Well, love and a few other things, such as chocolates, romantic dinners, flowers – and, of course, jewelry.
It’s exciting to receive expensive gifts from a loved one — or to give it as a gift. Not to mention romantic. But if you’re lucky enough to have some new jewelry, art or silver in your home this Valentine’s Day, you should take a few minutes to think about something you probably don’t find exciting or romantic: insurance.
Don’t know where to turn? Don’t worry. Your agents at The Insurance Place think it is exciting to help our customers protect what’s most important to them — so we’re ready to help and can answer all of your questions.
Things to consider when insuring jewelry:
You may need to purchase additional coverage. Your homeowners policy only covers certain items up to the special limits listed in the policy. This can include jewelry, fine arts, silver, and maybe even fire arms. If the cost of replacing your valuable items exceeds that limit, you will want to purchase scheduled personal property (SPP) coverage, also referred to as a personal articles floater (PAF). In addition, if you are looking for broader coverage that includes a stone falling out or a ring that has just gone missing, we should definitely talk about scheduling that item. You can check your policy or give us a call at 303-232-3100 to find out your policy’s special limits.
You might want to reconsider your deductible amounts. As always, this impacts your policy premium. It’s a good idea to take a look at your deductibles whenever you make a change to your policy.
Do you need an appraisal? You may need to have an independent appraisal if the insurance company requires it or if you don’t know the value of your jewelry. Each item should be listed with a description and value on paper. New purchases usually come with the needed documentation.
What kind of coverage is offered? You’ll want to determine if items are covered no matter where they are, whether they’re here in Denver or on an international trip, and if the policy offers full replacement cost. You also should ask if you will be required to replace your jewelry if lost or stolen, or if you can simply keep the cash settlement.
Pictures can be helpful. Lost or stolen pieces of jewelry sometimes can be recreated if the jeweler has a good photograph to work from.
Should I go with a company that specializes in jewelry insurance? There are companies that specialize in jewelry insurance. Whether you choose one of these, or a company that we represent, you’ll want to make sure they are reputable and stable.
Is the value of your jewelry mainly sentimental? Is an item irreplaceable? If the answer to either of these questions is “yes,” you might consider foregoing insurance. But please, talk to us before making that decision. That’s what we’re here for.
Of course, it’s important to store your jewelry securely when it’s not in use; a safe in your home or a safe-deposit box is best. We want your jewelry to be replaced if it’s lost or stolen, but we’d rather your sentimental and valuable pieces stay with you and your family for years to come.
Here’s hoping your Valentine’s Day is full of fun and romance. And if there’s no jewelry involved, well, there’s always next year!
For further questions and assistance, please contact The Insurance Place at 303-232-3100 or email us at email@example.com.