Make Sure You Have Coverage for New Jewelry

Make Sure You Have Coverage for New Jewelry

Protecting jewelry with the right insurance.

If you are looking at a new piece of jewelry, then you should review your homeowners insurance in Jackson Heights, New York, before you buy.  This is because your policy might not offer enough coverage to protect the value of this new piece.  To ensure that you have adequate coverage for your jewelry, here’s what you should consider about your existing personal property coverage.

  • Do you need more coverage?

When you review your home insurance policy, look for the section that discusses coverage for your personal property.  Oftentimes, home insurance policies place dollar limits on different categories of items, such as jewelry.  If the value of your existing jewelry and the new piece that you want to buy exceeds this dollar limit, then your policy cannot offer you the full protection that you need.  In this case, you should speak to your insurance provider about other supplemental coverage options.

  • Do you need an appraisal?

When it comes to insuring jewelry, insurance providers will usually ask for an official appraisal of the piece’s value.  This way, they can verify the actual worth of a particular piece of jewelry.  Not only does this help you determine the amount of coverage that you need, but your appraiser’s report can serve as proof of ownership in the event that you need to file a claim for the jewelry in question.

  • Which pieces are most precious to me?

You don’t necessarily need coverage for all your jewelry.  If your collection is filled with cheaper jewelry items, then it’s not worth it to secure specialty coverage for these pieces.  You should only seek to secure insurance coverage for the very expensive or sentimental pieces of jewelry that you own.  By only securing supplemental coverage for your most precious pieces of jewelry, you can keep your insurance rates as low as possible.

This is what you need to think about when securing coverage for your jewelry.  Do you have additional questions about your personal property or homeowners insurance in Jackson Heights, New York?  If so, then contact the experts at 01 Insurance.  We are ready to assist you with all your personal insurance needs today.