By: Denise Koslowsky
If you or someone you love has a passion for jewelry, then Valentine’s Day is the perfect day to give an awesome gift. We hope you find the following information helpful when it comes to protecting coverage for your Treasured Belongings.
Beware of Gaps
A homeowner’s policy will offer very limited coverage for personal property like jewelry in the event that it gets lost or stolen. You will likely run into low coverage limits that may make it difficult to replace a special piece you love. Adding scheduled or blanket coverage is the best solution.
It is important note that if you have your engagement ring covered under your homeowner’s policy you will need to be sure your coverage follows you to your new home.
If you have a collection of treasured belongings, you should consider a Valuable Items Policy or a Collections Policy.
Valuable Items Policy is a type of policy that gives customers a broader base of coverage for their valuables or collections such as jewelry. Losses are not subject to a deductible and the coverage is not limited to damage done at home. It offers worldwide protection so that if you are traveling and your engagement ring is stolen, you are still covered.
Schedule Your Treasures
We care about our clients and want to be sure when a loss occurs that you have the coverage you need in place. We recommend that our clients have Scheduled Coverage for their treasured belongings. With scheduled coverage your valuable items are specifically listed along with the current replacement cost for each item on the inventory.
When you purchase or receive a new piece of jewelry it is important that you add the item to your policy.
When your schedule is overloaded and you can’t seem to find the time to schedule your items, we recommend Blanket Coverage. With blanket coverage you receive an overall coverage limit for a particular class of items – i.e. for your jewelry. In the event of a loss on one piece of the collection, the settlement would be between 10 – 25% of the total coverage for that particular class.
Be sure you know the current value of your precious pieces. The price of gold and precious stones increase very frequently and you want to be sure you have an updated jewelry appraisal. Even if you have scheduled coverage, if you do not have an up to date appraisal or worse, no appraisal, you may not be able to recoup the full value of the item because it is difficult to prove after the item is lost. Additionally if there is no appraisal on file, the carrier will request one and this could result in a delay of the payment on a claim.
Advocate Brokerage recommends having your jewelry appraised at least every 3 years!
Advocate Brokerage believes in educating our clients and enabling them to make smart decisions when it comes to protecting their possessions. We hope this blog serves as a reminder to schedule your Valentine’s Day gift and any other valuable jewelry you may have recently added to your collection