If your favorite piece of jewelry disappeared or was badly damaged, it is understandable that you may feel devastated because of its sentimental value, or crushed if you couldn’t afford to replace or repair it. Though your homeowners insurance policy will cover most of your possessions, the limits may not extend to high-end collectibles or pieces of jewelry. This is why expensive jewelry coverage might be a smart investment for you if you have a large or high-value collection. Jewelry insurance pays out when your jewelry is damaged, stolen, or even lost.
How it Works
Fortunately, jewelry can be insured with a policy that’s obtained either on a separate basis or as an addition to the homeowners policy. The policy can be structured so that if an item is lost, stolen, or damaged, you can elect to repair it, replace it, or simply keep the money paid via the claim. If you travel with your jewelry, you’ll want to set up your expensive jewelry coverage to cover you, on a no-deductible basis, wherever you are in the world.
The price of a policy can be influenced by:
- Your location
- The number of pieces you’re insuring and their individual values
- The deductible (the amount subtracted from your claim check)
- Whether the policy reimburses actual value (the cost minus depreciation) or replacement value (the cost to replace it today)
Why It’s Important
Should you purchase expensive jewelry coverage? The decision to insure jewelry ultimately comes down to how you feel about paying for repair or replacement if something happens to a piece you love. Securing expensive jewelry coverage can save you from both the headache and the heartache from missing a beloved piece.
It is helpful to have a professional appraiser evaluate the worth of your jewelry if you haven’t done so in a long time. The total value may surprise you—along with the realization that homeowners insurance offers a limited amount of coverage for jewelry.
Whether you’re a beginning collector or someone who has a lot of jewelry, you should always be thinking about what it would take to financially be made whole again after a loss. Expensive jewelry coverage will allow you to have peace of mind and be prepared for anything to happen to your prized possessions.
About SB One Insurance Agency
At SB One Insurance Agency, we have served the businesses and residents of New Jersey, New York, and Pennsylvania for more than 60 years. We are a wholly-owned subsidiary of SB One Bank, the region’s premier banking institution, and we are prepared to offer you personal, business, employee benefit, and risk management solutions. To learn more about our coverage options, contact our specialists today at (888) 990-0526.