Whether it’s an engagement ring, a wedding ring or a family heirloom, your jewelry is something that is personally important to you.
It is more than just a ring or a bracelet. These important, and often valuable, items represent wonderful memories that have been created throughout your life and are irreplaceable.
Just think of something that someone you love gave to you as a child. You can’t put a financial price tag on a gift, can you? You wouldn’t take any amount of money for that either, would you?
Now, on the other hand, what if you lost it? Or even worse, what if it was stolen from you? What would you then?
Jewelry Insurance Riders
Did you know that a typical homeowners or renters insurance policy covers jewelry only up to a certain value? But what is that value?
Why not call your agent right now to find out? You might be surprised to know that all of your jewelry might be LIMITED to $1,000 – $2,000 total.
What do you do if you have heirlooms, diamond rings, earrings, etc that are worth MORE than that?
You will need to add an insurance rider or floater. Our agents specialize in customizing jewelry floaters just for you. And, here is some good news: while you will have to pay the deductible on your standard home insurance policy for jewelry, there are no deductibles for jewelry riders. In fact, many times your insurance company will actually replace your stolen item if you wish.
Since you don’t want to ever get into the situation of looking to replace an heirloom or gift, here’s what you do to protect our jewelry now:
Here are a few common sense protection tips
- Call your agent for an annual home insurance checkup. Tell them about any new jewelry you have purchased or inherited.
- Get replacement cost coverage so you get the maximum reimbursement from the insurance company.
- Invest in a floater for each item over $1,000 in value. You might be surprised how inexpensive it can be for peace of mind.
- Always store your items in a secure place. Don’t leave them out in the open.
- If you are not going to wear it often, invest in a safe or a safety deposit box.
- Have your jewelry appraised. Did you know that the value can go up every few years? Appraise regularly and notify your agent if you need to increase the value of your floater.
- Take the time to update your home’s inventory with pictures of the item and copies of the receipts as well as appraisals.
- Invest in a security alarm system.
- Lock your doors at night and when you leave your home. Here are a few other tips to prevent home burglaries.
We want you to enjoy your favorite diamond ring, pearl earrings and bracelets for a long, long time. That is why here at InsuranceHub, we share these tips with our readers to help educate them on how to protect those important keepsakes for loved ones. Our agents are standing by to answer all of your questions on jewelry floaters and riders. We look forward to helping you.