A Jewel of a Policy

High-value gifts may need special insurance coverage.

Whether it’s a retirement, Valentine’s Day, a birthday or just a special day to honor someone you love, jewelry and watches make wonderful mementos. If you have purchased or received an exquisite gift of high monetary value, you will also want to protect it from loss.

There are measures you can take to keep such items safe, such as storing them in a locked safe (with the key or combination hidden well) when they are not being worn. But a backup plan in case they are lost, stolen or heavily damaged is also a good idea since, financially, it might not be affordable to replace them without that protection. Homeowners and renters insurance policies typically cover such items only to a specified limit, meaning the theft or catastrophic loss of multiple items could exceed your coverage. In some cases, a personal insurance policy could exclude coverage for high-end jewelry and watches altogether.

If you wish to add financial protection for these items, you should ask your Trusted Choice^® Independent Insurance Agent about a personal articles floater or inland marine endorsement for your home insurance coverage. You can often put these possessions on a form, or “schedule,” and pay a little extra to get specialty insurance that will protect against loss, damage and theft. Some insurance companies will cover the loss of one of a pair — for example, you lose one diamond earring or cufflink. Some personal insurers will even cover the loss of just a precious gem from a setting.

In all cases, a valid appraisal is required, and most insurers have some rules owners must follow, such as storing the items securely or possibly having an alarm or other protective system. Your agent will apprise you of the specific requirements — and potential discounts — associated with security. If you travel, inquire about overseas and at-sea coverage. It is available.

So look like a million bucks with confidence, knowing your finery is financially backed by a quality insurance policy for jewelry and watches.