Valentine’s Day surprises, marriage proposals, and graduation gifts – lots of folks give the gift of jewelry to show their love and appreciation. But don’t forget to keep that cherished gift secure with the right insurance policy.
Jewelry and valuable items insurance can cover you if your precious items are stolen or damaged. That includes engagement rings and wedding rings. In some cases, a homeowners insurance policy may not provide enough coverage for highly valuable items.
According to Travelers.com, jewelry insurance costs vary. But in general, it may cost between 1% to 2% of the item’s value. One example is a $5,000 engagement ring. It could cost as little as $50 per year to insure – with a deductible.
How to Insure Jewelry
One option for insuring jewelry is the Personal Articles Floater (PAF). This supplementary insurance coverage can offer protection for various valuables and a variety of situations beyond loss and theft. As part of the floater, you itemize each piece of jewelry. There is typically no deductible.
Chubb offers a similar type of insurance called Masterpiece® Valuable Articles Coverage. Chubb currently only requires appraisals for individual jewelry pieces valued at $100,000 or more. Otherwise, they only need a detailed description and estimated value.
A second option is a Valuable Items Plus endorsement. This endorsement is often available as an add-on coverage to your homeowner’s insurance. It can offer expanded protection and higher limits on certain valuables compared to the standard coverage in your homeowner’s insurance. Unlike the PAF, where you itemize your valuables, the VIP provides blanket coverage up to a certain amount.
A third option is a stand-alone policy from a company specializing in insuring jewelry. These sometimes offer additional coverage, such as damage to an item. Another potential advantage of having a stand-alone policy is that it should not affect your home insurance rate if you need to make a claim.
How to Get the Right Jewelry Insurance
According to Forbes.com, experts in insurance coverage for high net-worth individuals recommend doing regular inventories and appraisals of your collection. That is because people tend to underestimate how much jewelry they have. Keeping track of your collection can also help you get the right jewelry insurance.
Farris Insurance agency can help you find the jewelry insurance policy that’s right for you and your valuables. Farris Insurance serves businesses and people across Northwest Arkansas, including Springdale, Fayetteville, Bentonville, Rogers, Benton County, and Washington County. Contact us today at (479) 756 – 6330.