Valentine’s Day is a day to celebrate love and show someone special just how much you care. That often means giving expensive and valuable gifts, such as jewelry. But after the joy of gifting has passed, it’s important to make sure your most precious items are properly protected.
That’s where valuables and jewelry insurance come in. This blog post will explore the importance of properly insuring your valuables and jewelry to ensure you’re covered in case of loss, damage, or theft.
What items should I insure?
When it comes to insuring valuable items like jewelry, it’s important to ensure that you have adequate coverage to replace or repair them in the event of loss or damage. While there is no one-size-fits-all approach to determine which items should be insured, generally speaking, expensive or sentimental items like engagement rings, watches, bracelets, and necklaces are a good place to start.
When it comes to deciding how much coverage you need, it’s important to take into account the item’s current value, as well as the cost to repair or replace it if necessary. While some insurance companies may have a minimum amount of coverage required, typically items with a value of over $1,000 should be considered for additional insurance coverage.
>But remember: these suggestions aren’t only for jewelry—other items worth considering for insurance coverage include fine art, antiques, family heirlooms, and collectibles. If you have questions about what items you own that should have these special protections, make sure to discuss your individual situation with your insurance agent or broker to ensure you have the right amount of coverage for your entire collection.
When should I insure it?
Although it may be the furthest thing from your mind at this point, when it comes to insuring jewelry and other precious gifts, the best time to get insurance is as soon as possible. Ideally, you should purchase an insurance policy before you even make the purchase to ensure that your valuable items are covered from the moment you bring them home.
It’s also important to remember that a standard homeowner’s or renter’s policy typically does not cover precious items like jewelry and engagement rings unless you’ve added a special rider to do so. You may be able to obtain additional coverage through your current provider, but it’s always wise to compare different policies to make sure you’re getting the best coverage for the best price.
In most cases, it’s better to purchase a separate policy for valuable items like jewelry and engagement rings, since they often require more coverage than other items. A standalone policy will provide you with greater peace of mind knowing that your items are fully protected in case of theft, damage or loss. Keep in mind that some insurers offer discounts if you purchase multiple policies at once, so it could save you money in the long run.
How much coverage do I need?
When it comes to insuring your most valuable gifts, such as jewelry, it’s important to make sure you have the right amount of coverage. Determining how much coverage you need can be tricky, but it’s essential in order to make sure your gift is properly protected.
To figure out how much coverage you will need, start by finding out how much the item is worth. This can be done through an appraisal, which will give you an accurate assessment of the current market value of the jewelry. Once you have that number, you can use it as a guide to decide how much coverage you need. Generally speaking, it’s a good idea to get at least double the appraised value in order to be sure you’re covered if anything happens to the jewelry.
Once you have a ballpark number for the amount of coverage needed, you can then talk to an insurance agent about getting the appropriate policy for your jewelry. The agent will be able to go over all of the options and make sure that your jewelry is covered for any eventuality, but don’t forget to ask about any special riders that might be necessary for your specific piece of jewelry—riders could include things like a rider for diamonds or gems, or a rider for replacing pieces if they are lost or stolen.
Insuring family heirlooms
When it comes to insuring family heirlooms, it’s important to remember that these items often carry more sentimental value than monetary value, and so it’s important to research the exact type of item and take into account the age of the item when determining how much coverage is needed. Heirloom items are typically considered collectibles and therefore require special attention and care.
In reality, insuring heirlooms is typically a bit more complicated than insuring traditional jewelry or gifts. To do so, you will need to provide a comprehensive list of the item or items you are wanting to insure, including any known appraisals, certificates of authenticity, purchase information, photographs, or any other documentation, as well as a written description of the item, which should include details about the age and condition of the item. Lastly, you’ll need to know the retail replacement cost for similar items in similar condition—even if you consider it to be irreplaceable.
If that’s the case, you may want a policy for an heirloom for more than its current market value, and therefore you may need to find a company that offers “agreed value” insurance. This type of coverage protects against inflation and guarantees that the item will be replaced at the amount agreed upon by both parties, regardless of what it costs to replace the item today. While agreed-value policies can often be more expensive than standard jewelry or gift policies, they are well worth the extra cost if you want to ensure that your family heirlooms are fully protected in the event of a loss.
Whether your jewelry collection is vast or just starting out, we at Penny Insurance are here to help you keep your most cherished and sentimental possessions safe. Contact us to schedule a consultation or get a quote for any of your insurance needs.