If a thief breaks into your home, priceless heirlooms such as the pearls your grandmother wore or the diamond studs you received on a special birthday, won’t likely be covered by standard homeowners policies. Though your current coverage may include stipulations for theft or damage, a careful perusing of the fine print will show you that the coverage on specific items, such as jewelry or art, is most likely capped at an amount much lower than the value of your collections. For protection without limitations, seek coverage from a specialized plan that will preserve the value of your precious belongings.
Unlike your typical policies that cover a broad range of risks, stand-alone insurance is purchased to cover a specific risk or cost. Providers of these plans will not require you to have other policies with them, allowing you the freedom to choose a company that specializes in personal jewelry insurance. A specialized floater, or rider, is an add-on to an existing policy, covering items that might otherwise be uninsured.
Before selecting personal jewelry insurance, it is advisable to have your collection appraised. The value of gold and other precious metals and gems can change significantly; a watch that your grandfather passed down to you may be worth exponentially more than when you first received it. Also, taking an inventory of areas where you need coverage, such as international travel or unexplained disappearance, will help you determine which policy will be most appropriate to suit your needs.
Protect Your Valuables
Personal jewelry insurance offers protection for your most precious belongings. Whether you choose a special floater or a stand-alone policy, specialized coverage is the best way to properly secure your valued possessions.