Is Your Valuable Jewelry Properly Insured?

Is Your Valuable Jewelry Properly InsuredIs Your Valuable Jewelry Properly Insured?

With Valentine’s Day 2014 only just recently passed, many homeowners are also the owners of new, valuable jewelry. While many people don’t think about it, your first move after bringing home any expensive items like this should be to call your insurance agent. According to the National Retail Federation, 19% of all consumers spend as much as $3.9 billion in total on jewelry for Valentine’s Day, and yet they often don’t think about financially protecting their investment.

The Insurance Information Institute (I.I.I.) recently alerted the public about the importance of safeguarding jewelry gifts this time of year. In doing so, the I.I.I. cited how losses of rings, watches, and other jewelry are “among the most frequent of all home insurance content-related claims.”

Jewelry is a category leader when it comes to home theft, with rings being the most claimed item. While many think that a standard Connecticut Homeowners Insurance policy will cover this loss, the fact is that truly valuable jewelry loss can far exceed the replacement value you will get form that policy.

In 2013 along, more than 46,000 types of rings were identified by insurance claimants. Everything from 10 karat gold high school class rings, to baby rings, to ruby rings with 20 points of set diamonds. These represented a replacement cost value (RCV) of $64.8 million.

Insurance experts advise people that any item worth more than $1,000 to $2,000 should be added as an endorsement, or a floater, on their homeowners policy. This extra financial protection can come in the form of high net-worth homeowners insurance.

At the Byrnes Agency, we understand that you may have a luxury home worth millions of dollars, with a precious jewelry collection or some other form of high-net worth valuables that you need to insure in the event of a loss or damage. You want to protect everything you’ve worked so hard to build up from unexpected lawsuits, property damage, or theft. Please contact us today at one of our various locations listed below to learn more about our insurance coverages for Connecticut High Net-Worth Individuals, and more.

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Dayville Office

Phone: (860) 774-85
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Norwich Office

Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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Woodstock Office

Phone: (860) 928-7928
1226 Connecticut 169
Woodstock, CT 06281
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm

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