From engagement rings and wedding bands to your grandmother’s antique jewelry and other family heirlooms you are passionate about – it’s likely that your keepsake possessions total a bit more in value than you even realize. It’s also a good possibility that your homeowner’s policy may not cover their full value. Here are some tips on how to keep your most precious possessions safe!
Utilize proper storage when jewelry is not in use
If you choose to store your jewelry at home, select a safe and secure location – away from your bedroom. Based on statistics, the bedroom is the first place thieves will look as it is the most common room jewelry is stored in. If possible, consider using a false-bottom container for your jewelry collection.
If you don’t plan on wearing some of your items regularly, consider keeping them in a safe deposit box at a bank.
Inventory your jewelry collection
As your collection grows, get into the habit of keeping a photo record of each piece in your jewelry collection. Include the date you purchased each item, how much you paid for it, and where you purchased it. Keep any relevant information (such as receipts, appraisals and any other information) about the item along with the photo. Be sure to keep a copy of your inventory in a secure location away from home.
Update the value of your jewelry collection regularly
As with most things, the value of your jewelry collection can increase or decrease in value from year to year. Make it a point to appraise your collection regularly and notify your insurance professional of any changes in value so that each item is properly listed in your insurance policy.
Invest in the right insurance coverage
If you’re relying on your standard homeowners or renters insurance policy to fully cover your jewelry collection, you may need to reevaluate since standard homeowners and renters policies only cover jewelry up to a certain value. To properly insure your jewelry collection, you will need to invest in additional coverage through an endorsement or separate valuable articles policy.
Take the time to protect your most valuable possessions in the event of loss through theft, accident or natural disaster. Your peace of mind is worth it.