Depending on your policy, these items may not be covered or the limits of coverage may not be enough to replace them.
Your great grandfather’s pocket watch. Your grandmother’s engagement ring. Your mother’s pearl earrings. Your favorite gold bracelet. These items have both emotional and monetary value. What would you do if they were lost or stolen?
Hopefully you carry homeowners or renters insurance, but, depending on your policy, these items may not be covered or the limits of coverage may not be enough to replace them.
Typical homeowner’s policies are broad and can contain limited coverage for occurrences such as loss, breakage, theft, and natural disaster.
Review your coverage on a yearly basis. Valuable items can carry sublimits that can restrict reimbursementto as low as $1000. Then, your deductible still applies, further limiting compensation. If determined appropriate, you can purchase a rider, an insurance policy extension that covers particular items.
To back up any claims, document and appraise your jewelry so that is always insured to the appropriate level. A good replacement value appraisal includes accurate measurements, weights, identity and grades, a narrative description of the item and a digital photograph, as well as the appraiser’s opinion of the current cost to replace the item.