Take a look in your jewelry drawer. What do you see? If what you’re looking at adds up to hundreds or even thousands of dollars, keep reading!
Even if your jewelry is only worth a few hundred dollars a piece, those numbers still add up! Imagine now your jewelry collection disappearing before your eyes. Of course we know that your shiny gems wouldn’t actually spontaneously combust, however, they could disappear if you had a house fire or a robbery.
Suddenly all of that missing jewelry is adding up to a loss larger than you may have realized!
If you, like us, would like to be proactive and plan for a situation like this, you are in the right place!
Unfortunately, one of the hardest things to prove in a situation like a house fire or robbery is the loss of this “costume jewelry” we speak of (typically, jewelry valued under $1,500). Let’s talk about some things you can do to avoid such a loss!
Schedule Your Jewelry
You can schedule your jewelry at an agreed value or you can go with a blanket endorsement.
When you choose the agreed value option you and your agent determine an agreed amount that your insurance will pay out in the event of a loss of that specific piece of jewelry. You may decide to go with an agreed value for items of higher cost or ones of more sentimental value to you.
If none of your jewelry pieces are exceptionally valuable (from a monetary or a sentimental standpoint), a blanket endorsement may be a good idea. In this scenario you and your agent would agree on a set value to compensate for all of your jewelry as a whole. Keep in mind, when protecting things like jewelry you need to take your named perils into consideration. Are you covered for all potential threats (ex. fire, robbery, flood, etc)? This is something you would want to discuss with your agent.
If Your Items are Not Scheduled
Of course it is best practice to have your items scheduled. However, if you don’t, you may be able to get some sort of compensation for your losses if you have proof of them. Good thing having proof of your items has never been easier with our mobile app! Simply download our app, “Insurance Agent” in the Google Play or Apple App Store and from there you can set up your account and have all of your insurance information in one spot! There is a special spot for your home inventory where you can take photos of your jewelry along with receipts for proof of value. Having photos of both the jewelry and receipts will increase your odds of getting compensated fairly. If you only have a photo and no receipt, it’s really up to the adjustor.
We hope this article has been informative and will help you better protect your possessions! Questions? Talk to an agent today!