Why Your Jewelry Collection Needs Coverage & How to Acquire That

September 11, 2017


Imagine coming home from a nice weekend getaway with your family. The weekend couldn’t have gotten any better. You pull into your driveway and proceed to enter your home. You then notice that your backdoor is open and you immediately realize that someone broke into your home while you were away. The next logical thing to do is to take inventory and see what was stolen. You notice that your iPad and your flat screen television are gone. Unfortunately, the ring that your grandmother gave you is gone, along with other necklaces that were gifted to you by your spouse and loved ones.


Why to Insure Jewelry

No one ever wants to be in this situation. Unfortunately, it happens more often now days since thieves are getting smarter and more calculated, security systems can be hacked and disabled, and the response time for authorities to arrive on the scene is not fast enough to stop thieves before they get away.

The best thing you can do is take precautions and make sure you’re covered just in case an unfortunate event like this occurs.

Many may believe that it’s pointless to purchase jewelry insurance when you have a homeowners policy and renters insurance. But, that may not be the case most of the time. A regular policy covers many things which usually consist of; fires, lodging when your home is uninhabitable, and replacement of personal belongings. However, expensive things such as precious jewelry may require an enhancement due to the value being so high.

Jewelry that’s often covered includes; engagement rings and jewelry passed down from loved ones. Of course, if something were to happen to a special piece of jewelry that was passed down from family members, getting compensated for it won’t bring that exact piece back. It has high personal value and we understand that. But, it can give you a means of trying to get it replaced and continue the cycle.


Steps to Insuring Your Jewelry

The first step to get an appraisal of the jewelry that you may want covered. We recommend you keep the receipt and the results of the appraisal, along with photos of your jewelry, and keep them in a safe location until you’re ready to purchase coverage.


The next step is to get in contact with a trusted and knowledgeable insurance agency to proceed with getting a quote for your precious items. The cost of your policy and the coverage depends on several things such as; your appraisal, whether you have a security system or if you keep your possessions in a safe (having these can land you a nice discount).


An important thing to remember is that you must remember to get your jewelry appraised every 2-4 years. This is because the value of it can change and you should adjust your policy to meet your new needs.


If you’re interested in learning more about covering your jewelry, feel free to get in touch with an agent at Bob Oetting & Associates to take steps in covering your valuables at 217-345-7063.

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