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How to Insure Jewelry – Tips You Need to Know
What would happen if your Tiffany engagement ring was stolen?
Just because your homeowner or renters insurance policy “covers” jewelry theft, don’t assume it will reimburse you for what the jewelry is worth.
Standard policies usually set limits for jewelry that’s lost or stolen, and those limits can be as low as $500. Whether you went all-out and rolled over to Fifth Avenue for a Tiffany engagement ring or opted for the little family-owned place in Flushing, you’ll come up way short if something bad happens.
What’s more, some policies cover only theft but not misplacement or damage, and your policy might not cover jewelry you lose outside the home.
If you own an expensive ring or other fine jewelry, consider a rider or separate policy to make sure you’re fully covered. Ask your insurance broker:
- Would the jewelry be covered regardless of where it’s lost or stolen? Would the policy cover an engagement ring lost during a trip overseas?
- Does the policy require an appraisal? Does the broker accept only appraisals from certain companies? (Regardless, you should have all your fine items appraised independently, described, photographed and valued on paper.)
- Would the policy cover damage as well as misplacement and theft?
- Are items covered by their replacement cost or by an agreed value? Agreed value policies are considered superior and establish the value up front, when the policy begins. With replacement coverage, the insurance company asks you to replace the item at a jeweler. Agreed value pays you the amount stated in the policy.
We at Gotham Brokerage Co., Inc., understand the personal connection our clients have to certain pieces. We know some jewelry, family heirlooms such as Great-grandmother Elizabeth’s emerald, a real one, before synthetics took over, or the platinum Patek Philippe that Uncle kept in mint condition cannot be replaced. We try to make sure they, and you, are as protected as possible.
Gotham is a family-owned business serving the five boroughs for over 50 years. We know New York City inside and out and work hard to make sure all of our customers have the best possible coverage at the lowest possible cost. We want your business for the next 50 years, and the only way to earn it is to make sure you sleep well at night knowing you are covered. We only sell replacement value policies, we represent a wide range of A-rated companies, and we’re rated A+ by the Better Business Bureau ourselves. We’ve earned decades of 5-star customer reviews and often keep customers for life.
Fill out our quote request form or give us a call at the number above to learn more about how we can help you ensure precious jewelry. You shouldn’t have to worry about recovering less than full value for it if misfortune strikes.
Jeff Schneider, President
Gotham Brokerage Co., Inc.