by Melissa Gilbo, CISR on Dec 13, 2013
As we edge towards the end of the year, we’re hitting prime gift giving (and shopping) season. 'Tis the Season!!! I personally love this time of year and who doesn't love shopping, gift giving and of course receiving gifts. The first thing you should think about after buying or receiving a piece of jewelry or a valuable item is to make sure it's insured against loss, damage, or theft. Here are five tips to help you protect your new gift:
- Check with your insurance agency to find out whether expensive jewelry is covered under your existing policy - they may only cover it up to a certain amount and not the entire replacement cost. You should insure your jewelry and other valuable items to assure that you can replace it if it is lost, stolen, or damaged. Most policies place limits on specific kinds of items -- promising to pay a maximum of, say, $1,500 to $2,500 for all of your jewelry in the event of damage or theft. Other categories that usually have reimbursement limits include silver flatware, firearms, coins, stamps and furs. (Read the "contents and additional coverage" section of your policy for the details.)
- Insure your jewelry to assure that you can replace it if it is lost, stolen, or damaged. Accidental loss is generally not covered. So if you lose your new gift or engagement ring, you're out of luck. To raise your coverage limit and ensure that you're protected in case of loss as well as theft, contact your insurance agent and ask either to add a rider to your policy or to "schedule" the item. (You may need a written appraisal, although a detailed receipt may suffice.) Once you set a value and schedule the item, you're covered for the full amount if it is lost, stolen or destroyed
- Have your jewelry inspected on a regular basis. This can prevent loss of loose stones, faulty clasps and worn prongs. You can also have an updated appraisal done at the same time as the piece may increase in value (Be sure send in recent appraisals to your agent to update your scheduled item).
- Don't make it easy for burglars and others in your home to find your jewelry. Protect your jewelry and other precious possessions by securing it in a safe or a hiding place in your home. Consider storing infrequently worn jewelry in a bank safe deposit box.
- Take a home inventory to help get your insurance claim settled faster and more accurately.
Give our agency a call and we would be happy to provide you with a quote to schedule your new gift.
Have a Safe and Happy Holiday Season!!
Photo courtesy of Dreamstime.com