Some things are either irreplaceable or are so valuable that they are difficult to replace. Whether you want to protect a family heirloom, your engagement ring, or an extensive collection, a Jewelry & Collectible insurance policy can give you peace of mind. At Excellence First Insurance, our licensed insurance agents are dedicated to helping you find coverage you can trust to protect your most valuable possessions.
Determining Value of Your Most Prized Possessions
The amount of coverage you need in your jewelry & collectible insurance policy varies based on the value of the items you are insuring. There are two methods insurers use to determine the coverage limits for each item you want to insure:
When using the agreed value method, you and the insurer come to an agreed upon value for each item you are insuring. This agreed value becomes the coverage limit. Some insurers may require additional documentation such as an appraisal or bill of sale to confirm each item’s value, while others may take your word for how much your valuable is worth unless it exceeds a certain value.
Collectibles Insurance Services
When using the collectibles insurance services method, the coverage limits for each item you are insuring is based on the item’s market value. The market value is calculated by determining how much it would cost to replace the loss at the time and place it occurs.
Jewelry & Collectible Insurance Policy Features
Jewelry & Collectible insurance policies offer several unique features that are not typically found in other types of policies, including:
Your homeowners insurance policy may offer some personal property coverage for specific perils such as fire or theft. But jewelry, collectibles, and other valuables often need additional protection from perils that a homeowners insurance policy doesn’t cover.
What happens if your wedding ring accidentally slides off your finger and down a sink in a public bathroom? Or what if your son throws a ball inside the house and accidentally breaks several antique figurines you had displayed on a shelf? The personal property coverage in your homeowners insurance policy probably won’t cover these types of accidental perils, but the broader coverage of a Jewelry & Collectibles insurance policy will.
Jewelry, collectibles, and other valuables often appreciate in value over time. With inflation protection, your insurer automatically increases the coverage limits within your jewelry & collectibles insurance policy to adjust for inflation. Coverage limit adjustments occur periodically, usually at specific designated times, throughout the life of your policy.
New Additions Coverage
This coverage automatically expands the coverage within your policy to protect new additions in a collection. The amount of coverage available for new additions is usually limited to a specific value and you may have to inform your insurer of the new additions within a specific timeframe.
At Excellence First Insurance our licensed insurance agents can help you review your current homeowners or renter’s insurance policy and fill the coverage gaps with a Jewelry & Collectibles insurance policy designed specifically for your most valuable possessions.
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