As award season kicks off, the world looks to the United States as the stars walk the red carpets decked out in the very finest in fashion and highly insured jewelry. This should come as a reminder that even if your own jewels aren’t worth millions, you may still be wise to give them adequate insurance coverage.
According to Allstate Insurance Company’s vice president of consumer household, Keith Rutman, many people actually hesitate to wear their good jewelry in the fear that these precious items could go missing. He explained that though many of these pieces hold irreplaceable sentimental value, if they choose to insure them properly, then they will at least have the “confidence and peace of mind that they are financially protected when the unexpected happens.”
The majority of standard homeowners’, condo, and renters’ insurance policies have a limit to the amount of coverage provided for various personal items such as furs or jewelry. Typically, this cap will be somewhere in the range of $500 to $2,500, depending on the policy. However, if you have expensive jewelry such as an engagement ring, earrings, bracelets, or necklaces that are worth more than this amount, it might be wise for you to consider adding additional coverage for that item.
Before you insure your jewelry, you might find the following tips useful:
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• Have your jewelry appraised and have that appraisal updated every five years so that you know that you have obtained the right amount of coverage.
• Keep a jewelry inventory so that you will be able to understand and remember the pieces that you own in case of disaster.
• Review the coverage you currently have so that you understand your protection.
Consumer insurance news article.