Protecting your jewels

New bling? Get peace of mind knowing your jewelry is properly insured with financial protection in the event it is lost or stolen.

It is reported that 97% of stolen jewelry is never recovered.* Unfortunately, jewelry is not always automatically insured under a standard homeowners policy. The Hanover has two types of coverage for your valuable items: Valuable Items Plus (VIP) blanket property or scheduled personal property.

With Valuable Items Plus (VIP) blanket property coverage, any single item is covered up to $10,000 per claim. This is a part of your standard homeowner’s coverage.

With more expensive ticket items, such as engagement rings, scheduled personal property coverage may be more suitable. At less than $2.00 a month per $1,000.00, this provides coverage for the full value of the item. Coverage is provided for mysterious disappearance and breakage too. Neither option requires a deductible.

To help keep your jewelry properly covered and safe, The Hanover recommends following these tips:

  1. Keep the item in a secure location: If you do not plan to wear the item regularly, consider keeping it in a safe deposit box or home safe.
  2. Keep a copy of the store receipt: Forward a copy of the receipt to your insurer so that the company knows the current retail value of the item. Make sure to keep a copy for yourself.
  3. Take a picture of the item: Get into the habit of keeping a visual record of all of your personal possessions. This helps to document your loss and speed up the claims process. It is also useful to document antique and unusual pieces of jewelry.
  4. Have the item appraised: Heirlooms and antique jewelry will need to be appraised for their dollar value. This amount will determine how much insurance coverage you should get.
  5. Add the item to your home inventory: Everyone should have an up-to-date inventory of their personal possessions. An inventory can help you purchase the correct amount of insurance and speed up the claims process if there is a loss.
  6. Ask questions: Whose insurance policy should carry the coverage in case of a loss – the purchaser or the recipient? Is the ring insured to the full cost or fraction of it?  

For more information to help you keep your precious possessions safe, or if you think you need greater financial protection, please contact your independent insurance agent.

Insurance Information Institute
Trusted Choice*

LC 2018-198