Humans are simple creatures. We like shiny things. For more than a thousand years, we\u2019ve flaunted our jewels or lavished them on the people or animals we love.<\/p>\n
Rings, necklaces, bracelets, earrings, or even crowns can be more than just bling. They acknowledge milestones, reward achievements, and symbolize relationships. They\u2019re among our most precious possessions.<\/p>\n
Your own treasured pieces of jewelry may be priceless and irreplaceable in terms of sentimental value. But you can minimize the financial harm that results from loss, theft, or damage.<\/p>\n
A jewelry seller or manufacturer may offer a warranty. It\u2019s only for newly purchased jewelry and probably only covers manufacturer defects \u2014 for example, your ring is delivered with a scratch or a loose stone. The warranty won\u2019t cover theft or loss. And if the piece isn\u2019t new or you\u2019re not the original purchaser, you must find another form of protection.<\/p>\n
Most homeowner\u2019s and renter\u2019s insurance policies offer coverage for jewelry, but it can be limited in three ways:<\/p>\n
A separate policy for jewelry can be your best solution, for several reasons:<\/p>\n
Today\u2019s annual pricing for a jewelry policy is usually $1 or $2 for every $100 that it would cost to replace. For example, if a ring\u2019s replacement cost is $10,000, it would cost between $100 and $200 per year to insure it on its own policy. Discounts may be available for showing evidence of security, such as a home alarm system or storage in a safe.<\/p>\n
An appraisal from a certified gemologist is required for a jewelry policy. The appraisal is used to determine the item\u2019s replacement cost, not its current market value. Since the replacement cost of jewelry will vary over time, an appraisal is recommended (and may be required) every few years.<\/p>\n
If you purchase a jewelry policy, be sure to notify your insurer of changes in ownership and address. For example, your mother\u2019s heirloom necklace might currently be insured by her at her home address. Once it\u2019s given to you, you must notify the insurer because it\u2019s likely the policy will need to be changed or a new policy issued to keep coverage intact.<\/p>\n
Your Jason Herman Insurance agent should be made aware of your new jewelry, whether it\u2019s a new purchase or a family heirloom. Your agent will offer reputable advice on the best way for you to adequately protect it under your current policy or may recommend a new policy to insure it.<\/p>\n","protected":false},"excerpt":{"rendered":"
Humans are simple creatures. We like shiny things. For more than a thousand years, we\u2019ve flaunted our jewels or lavished them on the people or animals we love. Rings, necklaces, bracelets, earrings, or even crowns can be more than just bling. They acknowledge milestones, reward achievements, and symbolize relationships. They\u2019re among our most precious possessions. Your own treasured pieces of … <\/p>\n