Jewelry Insurance Alert

Posted by Peter Lanza on Fri, Dec 21, 2018 @ 02:58 PM

jewelry-insuranceHoliday lights aren’t the only thing that sparkle this time of year. Jewelry is one of the most popular holiday presents to give and receive.

This year, it looks like MANY people will be opening small packages that impress. According to IBM’s 2018 Holiday Retail Forecast, jewelry should be a popular gift this year, with 5.2 percent year-over-year sales growth expected. Men won’t be left out of the trend, either. Watch sales are up, according to NPD Group, and luxury brands are expected to do well this holiday season.

If you’re lucky enough to receive fine jewelry this holiday season, be sure to update your insurance.

How to Insure Jewelry

You may be wondering if jewelry is covered by homeowners insurance. Here’s the answer to that question: Your homeowners or renters insurance policy covers many of your belongings, but jewelry is usually handled a little differently. Jewelry coverage under your regular policy may be severely limited, both in terms of the amount of coverage and types of losses covered.

To get your fine jewelry properly insured, you’ll need to have it listed individually. This can be done as a scheduled item added to your main homeowners policy, or as a separate insurance policy.

To get insurance coverage for your jewelry, you’ll need to know the value. In addition to keeping the receipt, you should consider having it appraised and taking a photograph of it. The value of jewelry can appreciate over time, so if you haven’t had yours appraised in a while, it worth doing so.

Read your policy carefully to understand what types of losses are and are not covered, such as theft, loss and damage.

Update Your Policy

New jewelry isn’t the only reason to update your insurance coverage. Every year, you get new presents and make new purchases – but how often do you increase the limit on your insurance policy? Eventually, your policy might not be enough to cover the value of your belongings.

To avoid this, conduct an inventory of your home every year or so. The New Year, right after the holiday season, is a great time for this. And if it sounds like a hassle, don’t worry. New apps make it easier than ever to create and update your inventory. Check out this list from the Balance for seven home inventory apps to try.

Jewelry isn’t the only type of item that needs special coverage, either. Other high-value items, like fine art, antiques and electronics, may require the addition of a rider to your policy.

Talk to your BNC insurance agent about scheduling jewelry and other valuable items or increasing your coverage limits.

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