Insuring your jewelry is a must!

With the holidays and Valentine’s Day, it’s not uncommon to give your loved ones expensive gifts. From watches to diamonds, it’s important that you keep these precious items safe. Purchasing the right insurance to protect them is a must. While your homeowners insurance gives you limited coverage for personal possessions, you need a separate policy to protect your jewelry. Check out what you need to know about insuring your jewelry with these tips.

Check Your Existing Policy.

Your homeowners insurance gives you some coverage for personal property. Check with your current policy to see how much coverage you have. You’ll likely need to increase your limits with a valuables policy supplement, but it’s a good idea to check to see if you can add your items to your current policy.

Appraise Your New Piece.

Before you insure your piece of jewelry, it’s important that you know what’s it’s worth. Plus, you’re going to need appraisal paperwork when adding your item onto your policy. Take your jewelry to get appraised and make sure to keep a copy of the appraisal and the receipt so that you get the appropriate coverage.

Take a Home Inventory.

It’s important to regularly update your home inventory. That way if anything happens, you have a record of everything that needs to be replaced. Ensure that you add your jewelry to your home inventory so that if anything happens, it’ll be replaced. It’s the perfect time to update your inventory with any other items that you may have purchased recently.

When it comes to insuring your jewelry, ensure that you have the right personal insurance coverage. Contact the professionals at Steve Wilk Insurance Agency for assistance finding the best insurance. Located in Illinois, we serve all your personal and commercial insurance needs.