Be Confident About Your Coverage
Whether you already have expensive jewelry or are about to acquire some; it’s important that you have the type of coverage you want. First ask yourself if you want or need special coverage. If your jewelry holdings are modest (basically costume jewelry or just worth a few hundred dollars) perhaps the limited coverage provided by a basic policy is adequate. However, when high values are involved, special insurance coverage should be bought. A few options are available such as buying supplemental insurance that is attached to your homeowners or tenant’s policy or purchasing a special, separate jewelry policy.
The important step is to discuss the coverage options with an insurance professional. Discussing the coverage will allow you to understand how a loss will be paid. Does the coverage consider 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? Discussing the coverage also helps you understand the steps you must take to make sure that you keep the maximum coverage in force and whether the coverage you receive is worth the additional price.