Properly Insuring Your Jewels and Valuables is a Top Priority

Did you give or receive a fabulous new engagement ring for the holidays? Do you have other expensive jewelry, antiques, art or other valuables? If you answered “Yes,” do not depend on your standard homeowners’ policy to protect your jewels and various other valuables.

Most typical homeowners insurance have low limits for losses of valuables. Should they disappear while you’re away from your home, you may have miniscule–or no–coverage at all. Apollo Insurance Services brings you this coverage update. Two primary options to protect your valuables are available.

  • Insuring items individually with separate “floaters” on your homeowners policy.
  • Adding “blanket” coverage for each category, such as jewelry, art, collectibles, etc.

Individual Coverage

Although this costs a bit more than blanket protection, if you have valuable items, this coverage protects the individual items you list. For example, that expensive engagement ring can be appraised by an experienced jeweler designating a fair replacement cost should it become damaged, lost or stolen.

An independent gem appraiser gives you a written appraisal that states the diamond and setting are valued at $7,500. Should it be stolen, individual scheduled coverage minimizes, if not avoids, disagreements between you and your insurance company about the fair market value for coverage and reimbursement.

Blanket Coverage

You pick amounts for coverage for different types of valuables. This option is less costly than individual item coverage, but often does not cover “mysterious disappearance,” when valuables simply get lost. Also, if you have multiple jewelry pieces in a blanket policy, there is room for disputes about the value of individual items.

If you want to learn more about how to protect your valuables, contact Apollo Insurance Services to get questions and concerns answered by experienced professionals.

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