Is Your Jewelry Insured With Your California Home Insurance Policy?
Is Your Jewelry Insured?
Is your jewelry insured? Did you know that most California home insurance policies provide very limited coverage for jewelry? The reason why is that jewelry is high-valued, is easily lost, destroyed or stolen. If you only own a small amount of jewelry (say just a few hundred dollars), your homeowner’s policy basic coverage may be adequate. However, if you own a number of high value pieces, you need to consider buying special insurance coverage. You can buy supplemental insurance that is attached to your homeowners or tenant’s policy or you can purchase a separate jewelry policy.
Some things you need to know about separate coverage are: Does the coverage consider jewelry values that increase over time? Does it cover mysterious disappearance (when you know the property is gone, but you can’t pinpoint when and how it was lost) and other causes of loss, or just fire and theft? Educate yourself on your options with your insurance agent to make sure that you have the maximum coverage for your property.
Always Document Your Jewelry’s Value
If your jewelry has just been purchased, a store receipt or certificate should establish the insured value. However, over time, the insured value must be reevaluated. This can be done by seeking an appraisal from a reputable jeweler. Getting an appraisal that affirms your jewelry’s current value is a great way to insure that your property is adequately protected.
Taking Care of Your Jewelry
If you own a significant amount of expensive jewelry you may want to consider the following:
- Get new appraisals every five years, sending a copy to your insurance agent
- Take photos of your jewelry from several angles and share copies with your agent to keep in your homeowner’s file
- Consider a quality in-home security system, including a hidden vault
- Be wise on when and where to wear your jewelry so as to avoid theft
- Keep original receipts and all appraisals, especially if they demonstrate that the jewelry’s value is appreciating
- Find out if your jeweler has access to “Gemprint,” or a similar jewelry identification system that documents a jewel’s distinctive markings, like fingerprinting.
- Consider storing jewelry that is rarely worn in a bank security box, doing so could reduce your insurance premium
Start today by calling Remland Insurance at 714) 532-3341 to find out more about your California home insurance policy!