Specialized cover to protect your high value personal property not covered by a Homeowners or Renters policy.
Your homeowners or renters policy will have a specified coverage limit for Jewelry, depending on your policy it will probably be somewhere in the range of $1000 to maybe $3000. This is the total that it will cover, many items of Jewelry, like engagement rings, can easily exceed this limit on their own.
Jewelry Insurance allows you to insure these items separately, each item should be listed in your policy with an itemized value. The Jewelry policy includes watches, so any expensive watches should be included in the coverage list. This policy will protect you from theft or damage, some polices will even cover you if you lose it or pay to replace missing pieces, for example a diamond becoming loose and falling out.
Make sure you discuss the storage of your items when purchasing your policy, some insurers will offer discounts if the items are kept in a safe or fire-proof box.
Artwork / Antique Insurance
Unlike most things you insure the value of Artwork or Antiques tends to appreciate over time, they can also be hard (if not impossible) to replace, as such they are not included in most standard homeowners or renters policies.
An Artwork / Antique rider allows you to agree a replacement value for these items with your insurer and should they be stolen or destroyed. You should expect to have to provide evaluations and / or certificates of authenticity to back up the value claimed.
Collectibles / Expensive Items
While Jewelry and Artwork are the most common property riders, you can get a rider added to your policy for many different collectible and expensive items, such as:
- Musical Instruments
When arranging your homeowners or renters insurance please mention any expensive items you have so that your advisor can recommend if a rider would be required for these items.