Insuring Your Jewelry
When it comes to your most cherished possessions, insuring your jewelry is a smart move. Whether you have a priceless heirloom or a collection of sparkling gems, protecting your jewelry is not just about its monetary value but also the sentimental attachment.
Common questions about insuring jewelry often revolve around why it’s necessary, what it covers, how to determine its value, and whether it should be added to existing insurance policies or require a separate one. Jewelry insurance typically covers theft, loss, damage, and even mysterious disappearances. The value of your jewelry is determined by appraisals from qualified professionals, and updating these appraisals is crucial to account for market changes. You can either add jewelry coverage to your existing homeowners or renters insurance or opt for a separate policy for higher limits and comprehensive protection. The cost of jewelry insurance varies but averages around 1-2% of the jewelry’s appraised value annually.
So, when should you consider insuring your jewelry?
If you own valuable pieces like engagement rings, family heirlooms, or high-end designer jewelry, insuring them is highly recommended. Frequent travelers should also consider coverage to protect against loss or theft during their journeys. Insuring jewelry becomes essential if your existing coverage is inadequate, if you receive a valuable piece as a gift or for a special occasion, or if you regularly get your jewelry appraised to keep up with market changes. Additionally, insufficient home security measures may necessitate jewelry insurance.
For tailored advice and coverage options, consult with an experienced insurance agent like Greg Fay Insurance in Centerville, Ohio. With the right coverage, you can enjoy your jewelry with confidence, knowing it’s safeguarded against unexpected events. The agents at Fay Insurance have 4 local offices, making a meeting with an agent easy! Come sit down and evaluate your individual insurance needs. We have insurance offices in Centerville (Dayton) Ohio, West Chester (Cincinnati) Ohio, and Northwood (Toledo) Ohio.
Our Insurance Carriers
Since we are not tied to one specific company, we can tailor a plan to you using several different products that suit you. Simply put, Greg Fay Insurance offers more insurance options for you!
