Why Do You Need to Insure Your Jewelry?
Here at Diversified Risk Solutions, we understand that jewelry not only holds a high monetary value, but it can also hold significant personal value as well. If your jewelry is ever lost, stolen, or damaged, your homeowners or renters insurance policies will provide coverage. However, this coverage is limited and not always guaranteed to provide full replacement. With jewelry insurance, you can enjoy your valuables without ever worrying about having to replace them out of pocket.
When thinking about protection, it is important to consider: Coverage - Most policies will cover theft, but a jewelry rider is often necessary in order to cover against risks such as loss and damage. Make sure you know which risks your valuables are protected against.
It is also important to consider:
Cost--Your annual premium is typically around 1-2% of your jewelry’s value. When determining value, it is best to get a professional appraisal to ensure that, if something ever happens, your jewelry will have enough coverage for full replacement. Your premium also depends on factors that increase your risk of perils like theft, Such factors may include your location and if you have a safe.
Policy--You can either add an endorsement onto your current renters or homeowners policy or you can purchase a separate policy for just jewelry. You also may choose between having a blanket policy for all your valuables or insuring individually listed possessions. We at Diversified Risk Solutions can help you determine which option is the most appropriate fit for you and your valuables.
Deductible--With jewelry insurance, most companies allow you to choose your own deductible. Finding the right balance between your deductible and your premium is an important decision that we can help you navigate.
Other additional features or services may be offered depending on the insurance company. At Diversified Risk Solutions, we are here to help you figure out which policy is going to provide you the most ease of mind so that you can store or wear your jewelry with confidence.
