Is Your Jewelry Listed on Your California Home Insurance Policy?
Image Credit: Brandon Kidd Photography
Is Your Jewelry Insured?
Most California homeowner’s insurance policies provide very limited coverage for jewelry. If you only own a small amount of jewelry (say just a few hundred dollars), your homeowner’s policy basic coverage should be adequate. Jewelry is high-valued, easily lost, destroyed or stolen so if you own a number of valuable pieces, you need to seriously consider adding supplemental insurance that is attached to your homeowner’s or renter’s policy or you can buy 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?
You need to educate yourself on your options with your insurance agent to make sure that you have the maximum insurance coverage for your jewelry.
Have Documentation
If you have just bought your jewelry, a store receipt or certificate should establish the insured value. Over time, the insured value needs to be reevaluated. You can get an appraisal from a reputable jeweler. This is a great way to insure that your jewelry is adequately protected.
Be Careful
If you own a number of expensive jewelry pieces, consider the following:
- Get new appraisals every five years
- Take photos of your jewelry from several angles
- Consider a quality in-home security system, and a hidden vault
- Be wise on when and where to wear your jewelry
- Keep original receipts and all appraisals, to prove appreciation of value
- Find out if your jeweler has access to “Gemprint,”, like fingerprinting for jewelry
- Consider storing jewelry that is rarely worn in a bank security box
Share all of these with your insurance agent; it could reduce your premium significantly, Give Remland Insurance a call today at 714)532-3341 to add any special piece of jewelry to your current California home insurance policy or to obtain the proper coverage.
