The family jewels…and how to protect them! Ok, now that I have your attention, let’s discuss just that – insuring jewelry under MA Homeowners Insurance.
Whether it’s that delicate filigree diamond ring from your grandmother’s estate collection, a sapphire engagement ring, tanzanite earrings you purchased on your way home from a safari in the Serengeti, or perhaps the heirloom pearl necklace that has been in your family for decades – it needn’t be a Harry Winston special – you’ll still want to make sure you are covered in case of theft or damage. Unfortunately, many of these items may be irreplaceable, but at least you’ll have assurance that your investment is protected.
Check Your Policy
Many homeowners and renters insurance policies include personal property coverage as part of the plan. You’ll want to check your existing policy to see what type you have and if all your jewelry is covered – especially if you have some valuable pieces. Some plans will cover each piece with a single value amount (i.e. $1,000 per item) whereas others will insure the entire collection as a whole (say $5,000 for all pieces.) Also keep in mind that your typical insurance will cover things such as burglary or fire, but may not apply to everyday damage such as losing a stone due to a broken prong, scratches to the stone, or a ring slipping down the garbage disposal. Once you’ve determined what is covered, it’s then time to see if you have enough coverage.
Do you need separate coverage for insuring jewelry under MA Homeowners Insurance?
If the value of your jewelry [or specific valuable piece(s)] exceeds the amount on your existing policy, you may need to add additional coverage such as a jewelry floater or policy rider. In this case, you’ll want to have each piece appraised for its worth. Once you’ve had the value assessed – make a list of each individual item, its worth, and a description and receipt from the appraisal. Don’t forget to include a photo of the pieces as well! Keep in mind that your jewelry’s value may appreciate over time and/or incur some damage from use, so you should plan on having it’s worth re-evaluated periodically. It’s also a good idea to consider storing valuable items that you rarely wear in a safe deposit box for additional protection.
Now that you know the best practices for insuring jewelry under MA Homeowners Insurance, you’ll be better informed when you splurge on your next purchase for an anniversary or milestone present!