How to Insure Your 5 Golden Rings

Did you open something sparkly from under the tree?

Christmas is a special time of year, that can end up bringing some valuable items into your home. When this is the case, it’s important that these items are covered properly. Whether you received jewelry, a watch, or an engagement ring, here’s some reasons that your new gifts should be insured.

1. Jewelry insurance is not expensive.

The annual premium for a jewelry insurance policy usually falls between 1 and 3 percent of the value of the item(s) insured, which is a small amount to pay when protecting something like a wedding ring.

2. Homeowner's and renter's policies are not enough.

If you have a homeowners or renters policy, you may assume their jewelry is already covered. These policies, however, usually impose caps on how much they can pay in the event of a loss. If the jewelry is worth more than a few thousand dollars, this type of policy would probably not be sufficient.

3. There's a difference between riders and dedicated policies.

You may assume that the best or only way to insure your jewelry is to add a rider to your homeowner's or renter's policy. Riders may offer higher limits and broader coverage; however, they may not be designed specifically for jewelry. If an item is worth insuring, it makes more sense to go with a policy designed for that purpose.

4. Jewelry insurance is worth the investment.

Jewelry insurance can cover a wide range of partial and complete losses - from "mysterious disappearance" to chipped stones. It also provides you with a great deal of choice, allowing you to have your piece recreated by a custom designer, or repaired by the jeweler of your choice. Depending on your needs, there is an affordable policy that will fit the bill - and with a gift as precious and meaningful as jewelry often is, it's well worth the effort.

If you’re looking to cover your jewelry or other pricey gifts from the holidays, call our agency and ask which policy will be best for you. Contact an agent here.