Did you receive a new Jewelry item over the Holidays? Maybe you received a piece of fine art? Either way, do you know if your valuables are appropriately covered in the event of a loss? Your Homeowners/Renters insurance usually has basic coverages for personal property. But high valued items are subject to certain limits when not scheduled.

Many people are under the impression that if an item is valued less than $1,000 they do not have to schedule that item on their policy, or purchase additional coverage for that item. That is not always the case. Items that are not scheduled are subject to deductible and have a set limit that will be paid out regardless of value. When an item is scheduled it is covered without a deductible (unless otherwise requested). Your scheduled items are covered for more than just theft; they are covered for breakage/damage (if you lose a stone that’s covered), mysterious disappearance, and theft.

There are two ways to insure your valuables-

The first and best method is Agreed Value, this is when in the event of a loss the insurance company will write a check for the amount of the damage or loss (up to the full value of the item). Not all companies offer this coverage. The other option would be Replacement Cost, where the insurance company has the right to replace or repair the item with same like or kind, if it cost less.

It is very important to have a jeweler you trust appraise your items every 3 years. Often times a jeweler will re-appraise an item based on their previous appraisal without the need for you to come into their store. This is just a way to confirm the value of your item has not gone down, or up more importantly. If the value is to change at any time it is very important that your insurance policy be adjusted accordingly, otherwise in the event of a loss, you may not be covered for the appropriate amounts.

Here are some additional Frequently Asked Questions

What types of items can be covered?

Jewelry- Rings, Watches, Earrings, Bracelets, Necklaces, Pendants, Charms, Smart Jewelry etc.

Fine Arts, Antiques, Silverware, China, Crystal, Bicycles, Computers, Musical Instruments, Sports Equipment, and so many other items.

How do claims work?

Claims process is relatively simple. First and foremost notify your insurance company of the loss. They will then advise you to visit the jeweler of your choice for a repair or replacement. You will discuss your options with your jeweler and receive a replacement or a repair.

Should I vault my items?

Vault coverage is best used when you have very special items that you rarely use. Vault coverage allows you to take out your item a certain number of times within a given period. The cost of insuring an item in vault is often cheaper than insuring your jewelry as it sits in your personal jewelry box. If you would like to know more about this option please contact us in the office for further explanation.