What did your Valentine bring you this year?
Did your Valentine surprise you with a new piece of jewelry or other high value item? Here are some things to keep in mind about your brand new gems.
Standard homeowners and renters insurance policies include some coverage for jewelry and other precious items such as watches and furs. However, the insurance company sets a dollar limit on how much they will pay for certain items in case something happens to them.
If you own valuable jewelry or other items that would be difficult to replace, it may be a good time to talk to your agent about scheduling your individual pieces by specifically naming them on your policy with an assigned value. This can be done as an add-on to your existing policy to add more protection.
You can do this by providing your agent with a bill of sale or a professional appraisal of the item. Accidents happen (such as dropping a ring or earring down the sink drain), and scheduling your property will offer broader protection and will ensure you are covered for the full amount if it is lost, stolen or destroyed.
This might also be a good time to revisit the value of the jewelry you may already have scheduled. As the jewelry and precious metals market can fluctuate with time, it is important to have your appraisals updated so you are properly insuring your valuables.
Our Avery Gold Team is ready to provide you with more information on how to cover your high value items. Give them a call today!