Shopping for Jewelry? Then Shop for Insurance Too

Shopping for Jewelry? Then Shop for Insurance Too

Why you need insurance for your jewelry.

Are you looking for a new piece of jewelry to add to your collection? If so, then you might want to think about shopping for the right jewelry insurance at the same time. This is because your homeowners insurance in Long Island City, New York may not offer enough coverage to protect the value of your jewelry. Here’s what you need to consider about jewelry insurance.

  • Homeowners Insurance and Jewelry

While your homeowners insurance offers coverage for your personal belongings, this coverage is subject to certain limits. For instance, many home insurance policies set coverage caps on different categories of items. For instance, while your policy might offer $50,000 of personal property coverage, you may only have $5,000 of coverage for your jewelry. This means that any piece of jewelry that values over $5,000 will not be covered by your insurance. Should this piece of jewelry sustain damage or be stolen, then you would be forced to cover repair or replacement costs on your own.

  • Supplemental Personal Property Insurance

Rather than settling for insufficient coverage, there are ways that you can secure additional protection for your jewelry. For instance, you can add a jewelry endorsement onto your homeowners policy, or you can secure a completely separate policy from an insurer that specializes in jewelry insurance. Please keep in mind that you may need to have your jewelry appraised before you can secure additional coverage. During your appraisal, an expert will examine your jewelry and determine its value. You will then use this value to secure the right amount of insurance coverage.

This is what you need to know about insuring your jewelry. Do you have additional questions regarding your homeowners insurance in Long Island City, New York? If so, then contact the experts at 01 Insurance. We are ready to assist you with all your coverage needs today.