Valentines Day is upon us!
It is the most popular time of year for giving or receiving jewelry. Whether you are the giver or the receiver (or if you currently own valuable jewelry) the following information can be very helpful in determining to insure or not to insure.
Did you know that coverage for jewelry is limited on your homeowner’s insurance policy? There is typically some basic coverage that applies. That limit can vary from company to company. It is important that know how much coverage your policy provides. Discuss this with your agent so that you know how much coverage you may or may not have.
To insure or not to insure
Loss to your everyday jewelry may already be covered by your homeowner’s insurance policy, subject to the policy deductible. If you have jewelry that exceeds the limit provided by your current policy, you are able to add coverage for those items. To do this, you would need to provide your agent with a copy of an appraisal or bill of sale that includes a complete description of the item. The item would then be “scheduled” on your insurance policy and you would be covered for theft, loss and mysterious disappearance. You would also have coverage for loss of a stone from its setting. You would see the item specifically described on your insurance documents. Scheduling the item(s) on your policy provides broader coverage and gives you the option of choosing a lower deductible.
Because this issue is so important, The Winstead Agency is bringing one of the leading jewelry appraisers in the mid-Atlantic into our office on March 4th to help customers get the documentation needed to update their policies. Vincent Lash, who is a Graduate Gemologist (GIA) with 40 years of experience, has agreed to appraise each item for only $45. This is a very special deal and easily half of what jewelry stores charge for a similar service. What’s more, everything is done in front of you, there is no need to leave your items, and your documentation is ready within days.
Call your Agent
It is important that you know what is and what is not covered by your insurance. Take time to contact your agent for clear, concise answer to any of your coverage questions.
If you are interested in participating in the upcoming jewelry appraisal event, please contact us today at 410-398-6700.