Is it me or does it feel like since Christmas, that its been Valentines season? Well I'm all for love and yes its true that with this season, proposals are in the air! And this means that you might find yourself with a new diamond ring or expensive piece of jewelry in your home.
Many people spend thousands of dollars on beautiful jewelry (2 months salary right?) but they often don’t take the time to find out how to insure it. And this can be a big mistake! What happens if the stone falls out or you lose or misplace that sparkly new rock?
If you have homeowners or renters insurance, then your jewelry is covered as part of the contents of your home. But there can be problems...
1. We don’t know what it is worth. It’s hard to get the full value of your jewelry back if you don’t know all of the specifics! Weight, color, cut, size, and so forth are all factors in the value. Ten years from now you might not even remember how much you paid.
2. You probably have a large deductible on your homeowners insurance. Check your policy, but your contents deductible can range from $500 to $1000 or even more. If your ring is stolen, you’d be responsible for the deductible first even before insurance kicked in!
But there is a simple solution to avoid all of these problems. Our homeowners and renters policies allow you to “schedule” jewelry for a small additional cost.
You bring in the receipt and appraisal of the item and we add all of that information to your policy. (Sometimes we don’t need all of this, just call us first and we can let you know.)
You will be charged based on the value of the item, but typically it’s less than $40 per year! (Sometimes much less, sometimes a little more. It all depends on how much insurance is required.)
Plus, scheduled items don’t require a deductible. You can choose one, but it can be smaller than your actual deductible on your homeowners. So if your ring is lost or stolen, you pay nothing or a small amount out of pocket but get to replace your precious jewelry.
So next time you open a jewelry box and put a sparkling diamond on your finger, make sure that you are insuring your investment.
Have questions about scheduling items on your homeowners insurance? Call us today for assistance! 888-565-2212 or visit us online. The Bryan Agency is here to help you with all of your insurance needs from car insurance to homeowners to life insurance. We have you covered in New York from Long Island, New Windsor, and the Hudson Valley area.