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Ensure the Right Coverage for Your Jewelry (Fall 2009) << Back
Our clients often own expensive pieces of jewelry, such as diamond rings, wrist watches, bracelets, and necklaces. Not only are these pieces attractive to thieves, they are subject to other perils as well. Because of the sentimental and monetary values associated with jewelry, proper insurance coverage is of utmost importance.
A standard homeowner's insurance policy will pay for jewelry damaged by fire, smoke, vandalism, windstorm, and several other specific causes. Coverage is also available for stolen jewelry, but for a maximum of anywhere from $1,500 to $2,500 depending on the insurance company. This limit applies collectively to all items of jewelry, furs and gemstones stolen at the same time. It will not pay for pieces that are lost or that mysteriously disappear. In addition, in the even of a loss, the insurer will pay only the cost of replacing the item less depreciation.
Because of these limitations, people who own valuable pieces of jewelry should consider purchasing separate coverage as an add-on to their homeowner's policy. When you "schedule" your jewelry, the policy will list specific items and the amounts of insurance on each. Every item listed will be covered on a Special Form or "all risk" basis, and in case of a covered loss, there is no deductible.
A second option is called "agreed value," which means that the insurer will pay the full amount of insurance shown on the policy for the item if it is lost or damaged. This option is available with some of our companies, which is more expensive, but it provides more certainty for the owner.
Owners of expensive jewelry should consider having it appraised by a reputable jeweler at least every three years. They should also take common sense steps to safeguard it against theft, the most common cause of loss for jewelry. Finally, they should contact a member of the staff at AHTKY for a coverage review every couple of years to ensure their insurance is adequately protecting them from loss to their valuables.
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AHTKY Insurance Agency, LLC
1451 W. Artesia Blvd, Suite A, Gardena, California 90248
CA License: 0C46036