With Valentine’s Day approaching, many people are searching for the perfect gift, from flowers and chocolates to diamond earrings and gold necklaces. If you decide to buy jewelry for Valentine’s Day, it’s also important to find the perfect insurance coverage.
When you buy a piece of fine jewelry, you should check your homeowners insurance policy to see what is covered. Here’s how you can secure your jewelry:
- A typical homeowners policy will have specific coverages and limits, depending on the policy. Check your policy to see what’s covered, such as loss or theft. In these cases, your withholding amount will apply.
- Schedule jewelry in your homeowners policy. This gives you the widest coverage for an additional premium. If you choose to do so, it will cover any reasons for the loss except for those specifically excluded. This coverage will pay the cost of replacing the item, no discount applies.
To make sure you get the right coverage, bring an itemized receipt from your purchase or have your jewelry appraised. The insurance appraisal should describe all the details of the piece, such as the color and weight of the gold or cut, color, clarity and carat weight of the diamond.
You should also check your jewelry periodically. A jeweler will encounter small problems such as loose stones or worn prongs before they can cause major damage or loss of the stone.
Ask your boldest insurance advisor to help you understand your policy if you have any questions.
This article is compliments to SECURA INSURANCE COMPANYA bolder insurance partner.
