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By now, you probably know that valuable items are not fully covered in your homeowner’s insurance policy. Most agents will advise you to purchase valuable items insurance to cover items of significant value – whether they be family heirlooms or recent purchases.

Just as you would cover your car, you can also take a policy out on jewelry! If your jewelry is lost, it would mostly likely not be covered under your normal policy. By purchasing jewelry insurance, you can ensure your valuables are properly covered.

Whether you currently have a policy or you are getting ready to purchase coverage, you should have your jewelry appraised regularly. We suggest at least once every five years – changing market conditions, fluctuation of the credit market, and wavering domestic and foreign currency rates all have an impact on the value of jewelry. The more expensive the item, the more often you should get your appraisal re-evaluated. For all appraisals and evaluations, be sure you are using a professional jeweler with a graduate diamond or gemologist certification. Many insurance providers, like Chubb, can recommend qualified jewelers and appraise within their preferred services networks.

After your jewelry has been appraised, you can line up a policy for your valuables. There are several different options for policies, as well as additional insurance protection to safeguard against price fluctuations. A common misconception is jewelry insurance will be expensive. In fact, these policies are typically only one to two percent of the appraised value, with providers like Chubb offering incentives for jewelry stored in a vault. You can also choose between itemized coverage or blanket coverage depending on your inventory. Your Penny Insurance agent will be able to guide you to what coverage would be best for your valuable items.

Jewelry insurance is a great investment to safeguard your precious pieces. The process to insure pieces is not length and will save you a lot of heartache on the backend. Even with advances in home security technology, all valuables are potentially at risk. While we may not be able to recover your jewelry after it is lost, you will at least have the piece of mind that your investment is safe with jewelry insurance.