Whether it’s a wedding ring, expensive artwork, or a family heirloom, it is important to make special considerations to insure these valuable items.
What you should know
- Your basic homeowner’s policy only includes LIMITED COVERAGE for jewelry, art, and collectibles.
An extension (“rider”) or separate policy is often recommended. - Appraisals are essential.
Antique jewelry and collectibles can be insured as long as their characteristics, qualities, and value can be determined. - Valuable jewelry should be appraised every 5 years.
The value of your jewelry will change due to fluctuations in precious metal prices and changes in fashion trends. - Jewelry insurance is the best investment you can make post-purchase.
It is relatively inexpensive and generally costs between $1-$2 for every $100 it would cost to replace (i.e. a $5,000 ring would cost $50-$100 annually to insure).
TYPES OF COVERAGE
- Itemized Coverage
A description and dollar amount is assigned to a specific item. - Blanket Coverage
Used to cover a collection of smaller miscellaneous pieces. This allows flexibility and can help control expenses but puts a cap on maximum payment per item.
NEXT STEPS
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Have your jewelry or collectibles professionally appraised.
- Contact your Cox Insurance advisor to discuss your options for adding an extension (“rider”) to your homeowner’s policy or purchasing a separate policy for advanced coverage.
Cox Insurance provides Home, Auto, Liability and Commercial insurance that exceeds expectations. For a personalized quote, please contact us here.
