Included in your jewelry collection are some of the most meaningful items you will ever own. From wedding rings and gifts to items passed down from family members across generations, your jewelry holds a lot of sentimental value. Of course, it also has a lot of financial value which is why it needs to be protected with the proper insurance.
Misconceptions About Insuring Jewelry
Unfortunately, there are many misconceptions about insuring jewelry. It’s important to understand this topic to be sure you have the protection you need which is why we’re breaking down these misconceptions in today’s post.
Your jewelry will always be covered under your homeowners insurance policy. While it’s true that many of your belongings are covered under your insurance policy, it’s common for it to only cover your pieces up to a certain amount. Higher value items will need additional insurance in order to be covered.
If you speak to your insurance company in Salt Lake City about your jewelry your insurance will go up significantly. Not true! The amount that your insurance goes up will depend on the value of the items you want to insure. Being honest is the only way to be sure your items are fully covered.
Even if you insure your jewelry and something happens to it, it’s not likely to be fully covered. If you have specific insurance for a piece of jewelry it will be fully covered for any potential risks. This is where scheduled property insurance can be particularly useful for ensuring you have adequate coverage for all of your property.
It isn’t necessary to have a jewelry rider or floater on your insurance policy. The standard coverage likely won’t be enough. Adding coverage with a scheduled property insurance policy is probably going to be your best option.
Get the Coverage You Need from Salt City Insurance
No matter what kind of property you need to ensure, from cars to collections and homes, we are here to help! Give us a call today to speak to one of our team members about the type of coverage that’s right for you and your needs.