Feb 19, 2014
Valentine’s Day has come and gone. Cards have been exchanges, chocolates have been consumed, and teddy bears have experienced their first cuddles. If you or your Valentine celebrated the holiday with a gift of something shiny, the people here at Gammons Insurance Agency want to make sure that you don’t overlook one extra thing that you may need to acquire before the holiday officially comes to a close – insurance.
According to CNN.com, people spent an estimated $4.4 billion on diamonds, gold and silver for Valentine’s Day in 2013. With the price of gems and precious metals climbing over the last several years, it is important to make sure that all of your jewelry (both new and old) is properly protected.
Check the coverage limit of your current home or renter’s insurance policy.
The first step in making sure that your jewelry is covered is to check your home insurance or renter’s insurance policy. A standard home or renter’s policy will include some coverage for jewelry. In some cases, though, this coverage isn’t enough.
In most cases, the maximum amount of coverage is $1,000 per piece, or $1,500 in total. If your new bling is more valuable than your policy’s limit, you may be out of luck if you ever need to file a claim on it. We never want to see our clients in that situation – which is why we would rather you look into an insurance policy now (before it’s too late).
Learn about the insurance options for your valuables.
When it comes to insuring jewelry, there are two main options that you should consider: endorsements and floaters.
The most common way of insuring jewelry is with an endorsement to an existing policy. It is a great way to ensure that your insurance coverage stays with the same provider.
If you’re interested in getting a separate insurance policy for your valuable jewelry, you would need a floater. These policies typically cost a bit more than an endorsement, but they usually include coverage for additional perils.
These policies are also important for insuring other valuables inside of your home that may not be covered under a standard insurance policy, including oriental rugs, silverware, artwork, a home office, antiques, and much more.
Talk to your insurance agent about your options, and get a quote.
If you’re interested in learning more about how to insure your jewelry (anything from your new Valentine’s Day gift to a family heirloom), just call 508-947-3460 and speak to a Gammons Insurance Agency.
We will help you determine the coverage limits on your current home or renter’s insurance policy, and see if you need to invest in an additional policy for your jewelry. We can also explain exactly the coverage differences between endorsements and floaters, and make sure that your jewelry gets the coverage it needs at a reasonable price.