Protecting Your Jewelry Through Homeowners Insurance

When you purchase homeowners insurance, you may find yourself overwhelmed at thinking of all the details of what could go wrong, and what claims you may have in the future. One of our most precious valuables is jewelry, whether they were costly or they have sentimental significance, you’ll want to be sure you have the insurance coverage you need if something goes wrong. Here are a few steps to take to verify that you’re insured correctly, and that you have the information you need in case disaster strikes: Arizona Home Insurance coverage for jewelryFirst, find out what your home insurance covers. Many policies will state a total amount, and a max amount per article of jewelry. For example, your policy might state $1500 total, with no more than $1000 for each item. In addition, you’ll want to verify that your policy will offer coverage in the case of theft, damage, or loss.  Once you find out how much your policy covers, you’ll want to do a little background research to determine if it is sufficient. Second, take pictures of each piece of jewelry. This is not only to prove that you own it, but it will also detail their condition in the case of damage. Catalog your jewelry, with each picture you’ll want to note when it was purchased, or otherwise gifted to you, and how much you paid. Keep receipts, if possible, and place them with the pictures. You may consider having a file just for insurance purposes, with not just pictures of jewelry and descriptions, but also any other insurance related items, like receipts for furniture or appliances. Third, have your pieces appraised.  Find a certified appraiser and find out how much your jewelry is worth. Have the worth of each piece in writing so that you can submit it to your homeowners insurance if needed. Do be aware that the value of jewelry will change over time, as the price of gold and silver fluctuates. So even if you have had them appraised in the past, there is no harm in getting an updated appraisal for your file. Finally, speak to your insurance agent about the coverage you have versus the coverage you need. Having the above information will help your agent offer you the type of coverage that will suit your needs and your valuables. The least expensive way to cover your jewelry is to increase the level of coverage on your existing policy, but if you have a lot of jewelry, or very expensive items, you may want to consider adding a personal jewelry policy, which will cover just the jewelry and often at a higher policy limit than a traditional homeowners insurance. Being armed with the above knowledge and getting the policy that suits your needs will prevent added stress and uncertainty in the face of a crisis. Knowing in advance that you have prepared yourself and your policy for the worst will bring you comfort in the day to day.

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