Should You Purchase Jewelry Insurance?

Jewelry is something that we consider to be very valuable, but are these pieces of metal and stones worth insuring outside of your homeowners insurance policy?

A necklace passed down for generations. A ring from a loved one. Earrings you saw through a window and knew you just had to have. Every reason why you treasure each piece of jewelry is a reason why you should insure it.

Is jewelry insurance right for you? Before you go out and purchase a new policy, make sure that it is necessary. Here are a few things you should consider if you are thinking about jewelry insurance.

What does your existing policy cover? 

Your homeowners insurance policy covers your jewelry, but only up to a limit, and only for covered damages. These damages include the standard like fire damage, theft, and vandalism. But what about a loose stone or everyday wear and tear? Homeowners insurance won't cover that.

How much is your current jewelry collection worth?

You should get a professional to appraise your jewelry to get a good sense of how much your collection is worth in the modern economy. It may turn out you have more than your homeowners policy covers, which means you need jewelry insurance to help cover the rest of the damage.

Which items require additional coverage?

Perhaps not all pieces of your jewelry are equal in your eyes. For this, jewelry insurance can provide coverage for all of your needs.

When it comes to your jewelry, specialty insurance is the best way to protect it from dangers unseen to you. For all of your insurance coverage needs, contact the insurance experts at Scavone Insurance Agency Center LLC in White Plains, New York. We will work with you to makes sure you have the coverage you need to protect you from any perils.