Have some new jewelry in the house? Protect it!
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 — or to give it as a gift. But if you’re lucky enough to have some new jewelry in your Minnesota home this Valentine’s Day, you should take a few minutes to think about something you probably don’t find exciting or romantic: insurance.
Don’t know where to turn? Don’t worry. At Deleski Insurance Agency, 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. If the cost of replacing your jewelry exceeds that limit, you will want to purchase scheduled personal property coverage. You can check your policy or give us a call at 651-633-0400.
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. Color, cut, and clarity is very helpful.
What kind of coverage is offered? You’ll want to determine if items are covered no matter where they are, whether they’re in Minneapolis or St. Paul, or on an international trip, and if the policy offers full replacement cost. You also should ask if you will be required to replace your jewelry if lost or stolen, or if you can simply keep the cash settlement.
Pictures can be helpful. Lost or stolen pieces of jewelry sometimes can be recreated if the jeweler has a good photograph to work from, but the appraisal is always best to have as well.
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.
Is the value of your jewelry mainly sentimental? Is an item irreplaceable? If the answer to either of these questions is “yes,” you might consider foregoing insurance. But please, talk to us at 651-633-0400 before making that decision. That’s what we’re here for.
Is is covered if I lose it or a stone falls out? Yes, it is covered, but only if you schedule it separately on your homeowners policy. It is not covered if you lose it without listing it on the policy or “scheduling” it.
Of course, it’s important to store your jewelry securely when it’s not in use; a safe in your home or a safe-deposit box is best. We want your jewelry to be replaced if it’s lost or stolen, but we’d rather your sentimental and valuable pieces stay with you and your family for years to come.
Here’s hoping your Valentine’s Day is full of fun and romance. And if there’s no jewelry involved, well, there’s always next year! Happy Valentine’s Day Twin Cities!
For further questions and assistance, please contact Deleski Insurance at 651-633-0400.