Diamonds Are Forever...Hopefully
Private Insurance: Protecting Your Jewlery
Making an effort to protect diamonds and valuable jewelry often comes naturally. But protecting those pieces with an insurance policy is something many people often forget. While standard homeowners, condominium or renters insurance covers some amount of jewelry, most policies limit the dollar amount of coverage. Did you know that most common policies insure as little as $1,000 in jewelry and up to $2,500 in silverware? Below are a few options to consider when insuring your jewelry collection:
- Take out a valuable items endorsement, which provides coverage for most types of losses except war, explosion or intentional destruction
- Consider a blanket endorsement for a collection in which no one item is worth more than $2,500
- Make sure your policy covers the replacement cost instead of the actual cash value (ACV) as the ACV takes depreciation into account
While picking a policy can be tricky, sometimes it’s made even harder if you’re unaware of the true value of your collections. Here are a few steps you should take to make sure your jewelry is accurately insured and protected:
- Have all jewelry appraised in-store or by an independent appraiser; ensure each piece is listed separately with its value
- Store your most valuable jewels in a fire-proof safe or safety deposit box
- Have your jewelry re-appraised frequently and update coverage accordingly
Questions on other collectibles? We have tips for protecting your cars and art.
- Is Your Collector Car Properly Insured?
- Protect What Matters to You with Object ID
- Want to Build a Dream House?
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