When you own jewelry, the last thing you want to think about is the possibility of it being lost or stolen. But every year, more than $2 billion of jewelry disappears in the United States. In fact, after cash, jewelry is the most stolen item during a burglary. The U.S. Department of Justice estimates that jewelry accounts for more than half of all stolen property.
Most homeowners policies cover jewelry losses from theft or fire. Few provide coverage for lost or misplaced items. When stolen, misplaced or lost jewelry items are covered, homeowners insurance typically limits coverage to $2,500. To secure the broadest coverage available, you can purchase a jewelry insurance policy and have your jewelry “scheduled,” with each piece appraised, described and individually listed. Generally, jewelry insurance covers most causes of jewelry loss.
Is your appraisal up-to-date? To make certain that your jewelry insurance continues to reflect your jewelry’s fair market value, you should have your jewelry reappraised every two to four years. And be sure to notify your agent or broker of any changes. An up-to-date appraisal can help settle a claim. Casswood is here to help.
If you store your jewelry in a bank vault and only wear items occasionally, you should consider an insurer that offers “in-vault” coverage. With “in-vault” coverage, you benefit from a reduced premium based on the fact your jewelry is stored in the bank vault, and you’ll only pay the higher “standard” rates when you take your jewelry out of the vault to wear it.
Jewelry insurance should enable you to replace a missing or damaged item at the jeweler of your choice. Unfortunately, many insurers will insist on making a jewelry replacement purchase for you, and at times with similar but not identical pieces. For example, they might replace your diamond stud earring with one that might match the original diamond’s size and shape, but not its quality, cut or setting. This is where a good appraisal will help you. Let Casswood help you find that appraisal. With jewelry and jewelry insurance, as with many things in life, you get what you pay for.
Casswood’s experts will help you find the best possible policy for your most valuable and cherished items. Contact us today.