Some of the most valuable things you own might be underinsured or not insured at all, such as your engagement ring or pearl necklace. Most people likely have a comprehensive insurance policy covering their home and what’s inside it, but homeowners insurance doesn’t automatically protect your jewelry assets.
In fact, some insurance policies exclude jewelry and other valuables. Other insurance policies limit coverage to certain kinds of events and a defined dollar limit. This kind of coverage can be very inadequate, especially for people who want to replace the item that has changed in value since its purchase.
Obtaining Jewelry Insurance
If you have jewelry you want to keep safe, you’ll need specialty insurance known as jewelry insurance. This protection, provided by Dayville Jewelry Insurance company Byrnes Agency, is a floater that takes over when traditional insurance coverage ends and usually covers the items against risks like fire, loss, theft, or damage.
Most major insurance providers don’t offer this specialty insurance as stand-alone coverage. Instead, an underlying policy is required. However, owners of valuables can purchase this coverage as an add-on to their existing homeowner’s policy.
Some policies can pay for a replacement diamond if the stone falls out of your engagement ring or for repair if the ring is broken or damaged. However, providers don’t build out all policies the same, so it’s essential to ask your provider what they cover.
What to Else to Know
When you’re shopping for a jewelry insurance policy, be sure to ask the right questions to prevent any confusion.
First, you’ll want to know how exactly your provider handles claims. Are you required to purchase a replacement and then request reimbursement? Will your insurer send out a check first? Next, ask about coverage limits to see if they fluctuate with the price of gems and precious metals. This can help to determine how much your jewelry is worth in terms of insurance coverage.
Before buying your policy, have your items professionally appraised to determine their value for insurance purposes. You should also take photos of the items to keep documentation of their current state. If you have the option, consider increasing the deductible to lower the insurance coverage premiums.
Once you’re protected, it’s up to you if you’ll wear the jewelry or store it, and where to keep it if you do. Either way, knowing you have the right level of protection will give you peace of mind.
About Byrnes Agency
At Byrnes Agency, we offer insurance solutions that can be tailored to meet your specific needs. Whether you’re looking for personal policies or commercial coverage, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.
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Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
Hours of Operation: Monday- Friday 9:00am-5:00pm
Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
Hours of Operation: Monday- Friday 9:00am-5:00p