Jewelry Protection – Is Your Jewelry Insured?
Have some new jewelry in the house? You NEED To 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, candy hearts that say “Be Mine” – and, of course, JEWELRY!
It’s exciting to receive jewelry 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 in your Wisconsin 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! Here at The WIN Group Insurance Agency, we 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 Jewelry Insurance Coverage. Your homeowner’s policy covers valuable items such as jewelry only up to a set amount (typically $1000 or less per piece up to the policy limit assigned) which may be automatically included in your policy. In the case of diamond earrings or an engagement ring, this will obviously not be enough! Also, you should know that the jewelry is only insured for the covered perils on the policy (typically wind, fire/smoke, hail, lightning, theft, falling objects, the weight of ice, snow, sleet) and only at the residence premises. If the cost of replacing your jewelry exceeds that limit, you will want to purchase scheduled personal property coverage that suits each piece. You can check your policy or give us a call at (920) 350-0800. Be sure to ask your agent what if any deductible applies to the jewelry endorsement. Many insurance policies have a zero deductible on jewelry insurance endorsements. If your policy is not set up this way, 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.
Will 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 the jewelry in today’s market. Because the cost of gold and gems fluctuates therein the value of the item can too. Most insurance providers that require an appraisal will want one that is no older than 12-months for that very reason! Appraisals will include the four “C”s (Color, Cut, Carat, & Clarity), weight, materials, size, value, and most will include photos that are helpful to the underwriter and claims adjuster.
What Kind Of Coverage Is Offered? You’ll want to determine if items are covered no matter where they are, whether they’re in Wisconsin or Arizona, 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. Scheduled jewelry is covered against events such as mysterious disappearance which are not covered by ordinary jewelry coverage on the policy.
Mysterious Disappearance is for events such as:
1. Prior to cleaning your kitchen sink, you remove your rings and set them on the countertop. Later that day your remember that you never put your rings back on but when you go to look for them they are missing! You have looked everywhere but never are able to find them. It could just be that your cat found those shiny bobbles much too enticing and knocked them into the sink!
2. You are on your honeymoon on the beaches of Hawaii and decide to take a swim or go snorkeling, the water is cooler than the air and your fingers shrink in the cold water. when you come up for air and begin drying off, you realize your ring is no longer on your finger!
Pictures Can Be Helpful! As with any personal property. we always suggest that you have a photo inventory of all of your belongings. These days this is easier than ever with the ability to upload the photos to The Cloud. Following a loss, the claims adjuster assigned to your loss will ask you for a list of the items missing. At the time of a loss when you are upset, displaced, and distraught is no time to try to recall just what it was that you lost! Take pictures, videography, download to a zip drive and store in a firebox or store the photos and video in The Cloud because if you cannot recall what you had, do not have receipts as proof, you will likely not get it back from the insurance company!
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. Make sure that they will be in business when you need them!
Is The Value Of Your Jewelry Mainly Sentimental? Is An Item Irreplaceable? If your answer to either or both of these questions is “YES” you might consider foregoing insurance. But please, talk to us so that we can help you to make the best decision for your needs. That is what we are 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, romance, and above all CHOCOLATE, and if there’s no jewelry involved, well, there’s always next year!
Happy Valentine’s Day From The WIN Group Insurance Agency!