Having jewelry is nice, but what if your precious gems get lost or stolen? Although jewelry insurance is part of your homeowner’s policy, it is advisable to learn more about protecting your gems.
Here’s how you can guard your gems with jewelry insurance:
Make a List
Identify the jewels that you would like to get insured by making a list of all the valuable gems in your house. Many companies have a lower limit to compensate for the value of a particular gem. Start with those of the highest value, and then move downwards.
Get an Appraisal
A certified gem expert will be able to put a value to all your jewels. You will need to provide your insurer with a copy of each gem’s valuation certificate in case of a claim. Get an appraisal done every two or three years to keep the value up-to-date.
Locate Your Receipts
If you have the original receipts and certificates of your gems, keep them in a safe place. They will help verify the price, location, and other important details in the claim process.
Check Your Coverage
If you want to guard your gems with jewelry insurance, study your homeowners insurance carefully. However, if you don’t have a homeowner’s policy, you can get standalone plans on jewelry, especially for engagement and wedding rings. You can get jewelry insurance by adding a rider to your existing renters insurance.
Cost of Jewelry Insurance
The general rule of thumb is to fix jewelry insurance premiums at 1-2% of the jewelry value. It is usually added as a “floater” to your existing homeowner’s insurance policy. The cost will depend on the frequency of use and security setups like burglar alarms and safe deposit boxes.
You can also avail of extra jewelry insurance coverage for sentimental and high-value gems. In such a case, you will pay higher premiums. Hence, depending on the circumstances, jewelry insurance can cost from $5.00 to hundreds of dollars per month.
These are some effective tips about jewelry insurance that you can use to protect your prized possessions. If you are looking to get the right coverage for your belongings, contact the experts at Singh Agency today. We are ready to assist you with all your insurance needs.