Ah, Valentine’s Day is near, and love is in the air. Well, love and a few other things, such as chocolates, romantic dinners, candy hearts that say, “Be Mine” - and, of course, jewelry.
It’s exciting to receive jewelry from a loved one — but you should take a few minutes to think about something you probably don’t find exciting or romantic: insurance.
At Denver West Insurance Brokers, we think it is exciting to help our customers protect what’s most important to them — so we’re ready to help and can answer all of your questions.
Things to consider when insuring jewelry:
You may need to purchase additional coverage. Your homeowners policy covers valuable items such as jewelry only up to set amounts in certain loss situations like theft. If the cost of replacing your jewelry exceeds that limit, you will want to purchase scheduled personal property coverage or grouped jewelry coverage.
Here are some definitions of the two types of coverages mentioned above:
Scheduled jewelry refers to the items listed on your policy and shows the description and the specific limit of insurance for each item. Usually gives additional coverage.
Unscheduled jewelry works more for a collection of smaller-valued items like watches, for example. There is a set deductible amount and a ceiling of coverage.
You can check your policy or give us a call at (303) 960-5290 for further information.
Do you need an appraisal? You may need to have an independent appraisal if the insurance company requires it or if you don’t know the value of your jewelry. Each item should be listed with a description and value on paper.
Pictures can be helpful. Lost or stolen pieces of jewelry sometimes can be recreated if the jeweler has a good photograph to work from.
Should I go with a company that specializes in jewelry insurance? There are companies that specialize in jewelry insurance. Whether you choose one of these, or a company that we represent, you’ll want to make sure they are reputable and stable.
The agents here at Denver West Insurance Brokers are hoping your Valentine’s Day is full of fun and romance. Just make sure your new jewelry is property insured against loss.