It is a great question because jewelry is typically one of the most prized possessions in a home. Most people don’t know the extent to which their personal property is covered. Its is always great to know before people find themselves victimized by burglars or a fire. The last thing you want to hear is that you aren’t fully insured for the wedding ring you just lost.
It all comes down to being prepared. One of the perks of working with an independent agent is we can explain your options and make sure you get the right coverage. You always want to consider these things:
Do you need more coverage?
I like to answer this with more questions. How much jewelry do you have? This could be a couple of larger, more expensive pieces. This could also be a higher number of smaller, more affordable pieces. Either way, you most likely need more coverage.
What kind of coverage should you get?
This depends on your lifestyle. You may want to consider whether items are covered no matter where they are (such as if you travel internationally). You’ll also want to ask about actual cash value versus replacement value, and if you would be required to actually replace the jewelry in the event of a loss or if you could just keep the cash payment.
Do you need an appraisal?
I always recommend having an appraisal. It makes the process of insuring your valuables so much easier for yourself and for us.
Do you have the ability to increase your deductible?
Deductibles always work the same way no matter what policy. A higher deductible equals a lower premium. However, if the case of a loss you are paying more out of pocket with a higher deductible. So, a higher deductible also equals higher risk.
Do you have pictures?
Pictures are useful if a loss or claim actually occurs. This makes the process of replacing the jewelry easier after the fact.
Again, we emphasize that being prepared is crucial when it comes to insurance, and life in general. Give us a call at (805) 480-2616 if you have any questions about your jewelries coverage. You can also visit our website for a free quote here.