Insuring Jewelry: How to Know if Your Coverage is Enough

A family heirloom.  A necklace and earings from a special occasion.  Your wedding ring.

For the same reasons you love a piece of fine jewelry, you should consider insuring it as well.

In some cases, you can add your jewelry coverage directly to your homeowner’s policy and in other cases, it makes more sense to provide coverage through a PAF(Personal Articles Floater).  This depends on the company and their policy limitations as well as the client’s desire to seek out coverage for mysterious disappearance.

Here is a checklist you can use to evaluate your jewelry coverage needs.

  • What does your current Homeowners insurance policy provide coverage for automatically? Are their additional endorsements available that fit my needs and what it the cost?
  • Add up the value of your collection so you can determine if the automatic coverage on your Homeowners policy is sufficient.
  • Decide which items you would likely want to purchase additional coverage.
  • Catalog your jewelry in an inventory. Insurance companies require appraisals for higher valued pieces.  In addition, a video or picture inventory that’s kept on a cloud-based service is safe and advisable.

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