Don’t forget to buy a Jewelry Policy!

Are you buying jewelry for your special someone this Valentine’s Day? Did you receive a little bling for Christmas? Don’t forget to buy a Jewelry Policy!

Let’s make sure you’re covered in case it ever gets lost or stolen. Here’s what you need to know on Jewelry Policies:

• Your homeowners or renters policy may not fully cover a loss.Many insurance companies put a cap on how much they’ll pay out for jewelry-related losses. If your jewelry cost more than $1,000, you probably need to insure your valuables separately. We recently had an insured whose wife lost her anniversary ring. It wasn’t insured separately, so they had to pay their homeowners deductible before the insurance company would pay out on the loss. A jewelry policy could have prevented this additional expense.
• It’s not as expensive as you think. Don’t shy away from insuring your new watch or diamond tennis bracelet because you think it’s expensive to do so. The annual premium for an average jewelry policy is 1 to 3 percent of the jewelry’s value.
• It’s worth the investment. A lot can happen to your favorite pieces: loss, theft, chipped stones, and more. Jewelry policy insurance can cover a range of losses, and often allows you to work with a jeweler to recreate or repair the piece.
• Riders don’t always give you the coverage you need.You may get higher limits and broader coverage from riders, but they aren’t always designed for jewelry. If your valuables are worth insuring, make sure you have a policy that will protect you.
• It’s not just for jewelry.A “jewelry policy” is also known as an inland marine policy. An inland marine policy covers not just jewelry but guns, furs, artwork and other valuables. You can either schedule each item separately or add a blanket amount of coverage.

For more information on insuring your treasured pieces, give Livingston Insurance Agency a call at 803-791-1120.