AJB Blog

Staying In Touch With You

Fine Jewelry Insurance: Make Sure You’re Covered

Fine Jewelry Insurance Make Sure You’re CoveredFine Jewelry Insurance: Make Sure You’re Covered

Your jewelry collection is extremely precious to you. Whether you’ve amassed a family collection of heirlooms or some personal, highly valued gifts, you want to make sure you are protected. But misunderstandings of what exactly is covered in a homeowner’s policy could leave you high and dry if your jewelry is lost or stolen.

At the essence of an issue is often a communication divide. There is a common disparity between perceived value and the actual value. An owner might have sentimental value, or overinflate the value of their jewelry, and have an estimate that conflicts with an expert opinion. Or, they might assume it is covered under their homeowner’s insurance when it really is much more valuable than that.

Most homeowner’s policies do cover jewelry items. However, when the actual loss of an entire jewelry collection does occur, it is extremely rare that the owner receives a settlement that comes close to the true value of the missing items. To avoid that position, homeowners must have a firm understanding of the exact value of their possessions and base their insurance coverage accordingly.

If you have a high end jewelry collection, you want to take the time to make sure every item is covered and properly insured for its current value. The key is documenting in detail, comprehensive information on each piece you own.

Many jewelry appraisals conducted at local stoops- and their certificate of authority relies on simple sales techniques that may not adequately assess the value of a piece. It is essential that the value may have changed over time. The price of gold has increased significantly in the past 20 years; if you have an antique piece of gold jewelry; it is most likely worth significantly more today.

High-value items need better protection than a standard homeowner’s policy. A.J. Benet offers sound, well-priced coverage for these valuable items either with a floater added onto your Westchester homeowners insurance policy or a stand-along policy . Contact us today for more information (888) 639-4560

Please follow and like us:

Comments

comments

This entry was posted in Blog, Homeowners Insurance, Jewelry Insurance, Mamaroneck, Westchester County and tagged , , , , , , , , , , , , , . Bookmark the permalink. Follow any comments here with the RSS feed for this post. Comments are closed, but you can leave a trackback: Trackback URL.