Guess what?…Your homeowner’s or renter’s policy doesn’t cover your engagement ring and other fine jewelry for loss or damage, and your policy likely provides only small and limited amounts in the event of theft. For example, most homeowner’s policies will pay a maximum of only $1,000 for jewelry theft, and a typical renter’s policy has even lower limits of $500.

The good news is that you can purchase a policy to cover jewelry for reason other than theft, such as being lost, or damaged! When purchasing this type of coverage, here are some questions you might want to consider asking:

– Is an appraisal required? The answer is typically yes, if you want a particular item scheduled. For example, an engagement ring, Rolex watch, or a family heirloom which has sentimental as well as monetary value.

– Are items covered no matter where they are?

– Would the policy cover you if you travel domestically or internationally?

– What if you lost your ring or other piece of lewelry while boating?

– Are items covered for full replacement cost or only for a certain level or cash settlement?

– If a piece of jewelry is damaged, will the policy cover repairs?

Contact us with any questions you may have today! These are just some of the issues you should consider when talking with your professional to make sure the pieces you love are protected.

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