It really is true- diamonds are a girl’s best friend. If you are among the many Americans who have precious and expensive jewelry in your home, then the risk of theft or losing these items is extremely high. Most Connecticut homeowners insurance policies will only cover up to a certain amount for lost, damaged or stolen jewelry, so it is imperative that any jewelry owner inquires about jewelry insurance.
Your knowledge and understanding of a separate insurance policy for your high-valued jewelry is essential in protecting your ‘treasured’ investments. Discussing what is needed and expected from the jewelry’s coverage is very important. Does the coverage consider jewelry values that increase over time? Does it cover mysterious disappearance (when you know the property is gone, but can’t pinpoint when and how the property was lost) and other causes of loss, or just fire and theft?
If you just purchased your jewelry, the receipt should establish the insured value. However, as time passes or circumstances change, look into a professional appraisal in order to have your jewels reevaluated for an increase (or unfortunate decrease) in value. After you have successfully appraised the jewelry and had them properly insured, you still need to properly care for your precious gems. If you own a significant amount of expensive jewelry you may want to look into other precautions such as:
- Get new appraisals every two or three years, sending a copy to your insurer
- Take photos of your jewelry from several angles; again, share copies with your agent or insurance company
- Consider a quality in-home security system, including a hidden vault or storage area
- Take care on where and when your jewelry is worn to try to avoid becoming a theft target
- Keep original receipts and all appraisals, especially if they demonstrate that the jewelry’s value is appreciating
- Ask your jeweler whether they have access to “Gemprint,” or a similar jewelry identification system that documents a jewel’s distinctive markings much in the manner of fingerprinting.
- Consider storing jewelry that is rarely worn in a bank or saving institution’s vault. (Note that such special storage often qualifies for an insurance premium discount)
You love owning and wearing your prized jewelry, so why not insure it correctly! If your gems are stolen or damaged from an accident, don’t let your wallet suffer the same fate. Stop down to Paradiso Insurance to ask about a jewelry policy within Connecticut insurance coverage today.