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Keeping Jewelry Safe

It’s a sad fact that recession often brings out the worst in people.  Shoplifting reports escalated through the holidays and break-ins are also on the way up.  If you google “jewelry” and “news,” the results will be item after item on page after page of reports about burglary and theft.  If you’ve got beautiful things then it may be time to re-evaluate your insurance needs and make sure that your fine jewelry is covered.

It’s somewhat amusing that lots of us spend time with our noses pressed up against the glass, looking at the object of our affections: a beautiful gold or platinum piece set with diamonds, rubies, or other sparkling gems.  But we often forget that part of the maintenance will be insuring the piece.

Here are a few reminders on insurance:

The first thing to do is to read your home owner’s or renter’s insurance policy to find out the amount of coverage it provides for jewelry and other luxury items.  The best insurance covers theft, loss, and damage.

Keep in mind that rates for personal jewelry insurance vary according to state or country, and that you can select from “with or without deductible.”

All jewelry should be appraised or inspected on a regular basis for assessment of value.  If your jewelry isn’t properly appraised, you may not be able to recover replacement value, if the worst happens.  Appraisals should be written and stored with the rest of your important documents.

If needed, talk with your insurance agent about adding a rider to your existing insurance policy to cover jewelry that is above the value of personal property covered in the basic insurance.  Separate jewelry insurance is another alternative.

Compare all insurance plans, as well as the reputations of each company, and choose the one that gives you the most coverage for your money, as well as flexibility if you have to replace jewelry. And after it’s insured, be sure to keep your jewelry in a personal safe or deposit box.

Remember, no matter how concerned you are about the economy, now is not the time to lay off the insurance of items you value and cherish.

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