More insurance questions you must ask about your jewelry

We’re continuing our series about issues surrounding insuring your jewelry when you’re at home and away. Jewelry has an emotional tie to us; but if something happens, it pays (literally) to have its value safeguarded by insurance.

  Are you covered if there is negligence or carelessness involved?

What if you don’t know what happened to your jewelry or even when it happened? The International Gem Society says, “Your insurer could consider that a mysterious disappearance instead of a theft. If your policy excludes mysterious disappearance you won’t be covered.”

Are any security precautions required?

Read your policy and ask your agent if there are any particular security actions you must take to safeguard your jewels, like a home safe or strongbox. If so, are you prepared to take those steps?

Are you allowed to increase your deductable to lower your premium?

This may be a way for you to decrease your premium payment—but be sure that you’re willing to make the tradeoff if something does happen to your property.

Is blanket coverage right for you?
If you have a number of mid-priced pieces, you may do better financially if you get blanket coverage. Again, the International Gem Society writes, “ In the event of loss or damage to one item, you may receive either a percentage of the covered total or an amount up to a per item limit based on the policy.”

Are there any geographical limitations to your coverage?

If you’re planning to take your jewelry with you on a cruise or vacation abroad, double-check your policy to make sure it will be covered. There could be stipulations that you have to keep your jewelry in your hand luggage or on your person at all times, or use a hotel safe. Better safe than sorry!

Of course, getting an accurate insurance policy for your jewelry and fine art pieces begins with an up-to-date appraisal to set the bar on what your possessions are worth. Are you due for an updated appraisal? Have you never had an appraisal? It’s easy to start. Just call me to set up an appointment. I’ll take it from there.

Brilliantly yours,  Aimee