We’ve talked about jewelry coverage in the past, and jewelry coverage can be added to your home owner’s policy. We typically recommend it for any item that’s usually over a thousand dollars in value, and it gets added directly to your homeowner’s policy. It’s called scheduling your jewelry.
We recommend doing that, but one of the things I want to remind you to do, is to update your jewelry list. If you do have your jewelry scheduled, or even if you don’t, now is a great time to review that because the price of gold has gone way up and the price of silver has gone way up.
We recently had a client who lost an expensive gold bracelet. He has not updated his jewelry list in years. Considering the bracelet was almost all gold, the value had changed dramatically from when he insured it several years ago to what it would cost to replace that item of jewelry today. Now since he only had it insured for a set dollar figure, that’s all he can collect under his insurance policy.
So again, we want to remind you to call your agent. If you don’t have your jewelry scheduled, get it scheduled. If you already have your jewelry insured, now is the time to talk to your jeweler, get a new appraisal, and make sure you have the correct values on that. Now, gold may change again in value, so you’ve got to keep an eye on this. If the values go up or down, you want to adjust those, too. You don’t want to pay for more insurance than you need, but you obviously don’t want to pay for less insurance than you need, too. Update those jewelry lists for your gold and silver pieces.