By: Advocate Brokerage
If you have a love for jewelry, it is important that you ask yourself some questions so that you can make smart decisions regarding your collection’s safety. Below are some questions your insurance advocate would like you to consider:
If you are relying on your homeowner’s policy to protect jewelry that is lost, damaged or stolen, you should know that the coverage is very limited and subject to a deductible. If you have special pieces with substantial value, we urge you to purchase Valuable Items coverage. There are different types of coverage in which the details vary from carrier to carrier so it is recommended that you speak with your agent and share a bit about your collection so that the coverage can be tailored to your specific needs.
Appraisals can help you understand the worth of your valuables. It is important that you have your jewelry re-appraised every 3-5 years to account for fluctuations in the market. It is also important to keep the appraisal in a secure location such as a UL-rated home safe or safety deposit box.
Where you place your valuable jewelry items can make a big difference in keeping your collection safe. When you return home from an event, many people simply place their beloved items in a box or pretty dish on the dressing table; unfortunately, this is the first place someone would look if they entered your home with the intent to rob you.
It is best to keep your special pieces stored in a wall safe with a combination. In fact, storing your jewelry in a UL rated home safe can result in substantial discounts on your insurance policies. You can also choose to keep special pieces in a safe deposit box at a bank and only take them out for special occasions.
Pro Tip: Be sure that this type of safe is bolted down to the floor. The weight of the safe often gives homeowners a false sense of security because they assume it cannot be stolen but that is incorrect. We see frequent claims for a heavy safe being dragged out of the home causing damage to floors and walls along the way.
When you have a jewelry collection, we recommend that you photograph each piece and store the photos in a secure location such as a UL-rated home safe or a safe deposit box. Having a photo stored away as part of your home inventory will be very valuable during the claims process in the event of a fire or burglary. Find out more here.
If you are planning a trip and want to bring jewelry with you, we advise that anything of considerable value be locked in the hotel’s safe. Check with the front desk for details. You are usually required to sign your valuables in and out. When they are not in the hotel safe, be sure to keep them with you.
When you add a piece to your collection, be sure you inform your insurance agent as soon as possible so that it can be added to your policy. Most Valuable Collections policies offer automatic coverage for newly purchased items, but the time frame varies between 30 – 90 days.