Finding the Best Insurance to Cover Your Jewlery and Valuable Items

My Jewlery is Covered, Right?

This is a common question, and assumption, we get quite often. Basic coverage is included as part of your personal property on a Connecticut Homeowners Insurance or Renters policy for computers, instruments, silverware, guns, fur, coins, collectibles, and other valuables, however, when it comes to treasured possessions few things hold as much sentimental and monetary value as jewelry. From family heirlooms, an engagement ring, or a watch commemorating a significant milestone, these items are often irreplaceable.

Most Connecticut Homeowners policies have coverage limitations ranging from $1,000 – $2,500, per item or in total, when it comes to these valuable items on your Homeowners policy.

What Is Valuable Items Insurance?

Valuable items insurance is a type of coverage designed to ensures that your prized possessions are protected against a broader range of risks, such as accidental damage, loss, and theft, often with a small or no deductible and Higher Coverage Limits to their full appraised value.

Common items covered include:

• Jewelry: Engagement rings, wedding bands, necklaces, bracelets, and earrings.
• Watches: Luxury timepieces and collector’s editions.
• Other Valuables: Items like fine art, antiques, or rare coins can also be included.

At Keating Agency Insurance we offer expert guidance to provide the best coverage and protection for your valuables while helping understand the difference between blanket coverage and scheduled coverage to fit your valuable item needs.

1. Blanket Coverage
   • Provides a coverage limit for a group of items without listing each item individually.
   • Suitable for smaller collections or less expensive jewelry.
   • Offers convenience and flexibility but may have lower per-item limits.
   • Ideal for those who want broad coverage without the need for individual appraisals.
2. Scheduled Coverage
   • Specifically lists and insures individual items with higher or unique values.
   • Requires an appraisal for each item to determine its agreed value.
   • Ideal for high-value or one-of-a-kind pieces for their appraised value.
   • Offers the peace of mind that each item is covered for its unique worth, particularly for irreplaceable or custom-made pieces.

The Importance of “Agreed Value”

One feature of scheduled coverage is the concept of “agreed value.” With this approach, you and the insurer agree on the value of an item at the time the policy is written, typically based on a professional appraisal. In the event of a covered loss, you’ll receive the full agreed value, eliminating disputes over depreciation or the item’s worth. This ensures you’re fully compensated, particularly for unique or sentimental items.

For example, if you schedule a $10,000 engagement ring, you can rest assured that, in the event of loss or damage, the agreed value will be paid out without deductions or delays. This is especially important for items that are difficult to replace or have fluctuating market values.

Broader Protection With Valuable Items Insurance

Whether you opt for blanket or scheduled coverage, valuable items insurance provides a range of benefits that beyond the standard Connecticut Homeowners or Renters Insurance Policy:

1. Broader Coverage for Loss
   • Accidental damage (e.g., a broken clasp or chipped gemstone).
   • Loss (e.g., a ring slipping off while swimming).
   • Theft (even outside your home).
2. No Deductible Many policies, particularly scheduled ones, offer the option of no deductible. This means you won’t have to pay out of pocket in the event of a claim, making it easier to replace or repair your cherished items.
3. Worldwide Protection Policies often include global coverage, ensuring your valuables are protected whether you’re at home, traveling domestically, or abroad.
4. Replacement or Repair Options Claims can typically be resolved through a replacement, repair, or cash payout, depending on the policy terms and your preferences.

How to Choose Between Blanket and Scheduled Coverage

The decision between blanket and scheduled coverage often depends on the type and value of the items you’re insuring:

• Choose Blanket Coverage If:
  • You have a collection of less expensive or moderate-value items.
  • You prefer simplicity and don’t want to list each item individually.
  • You’re looking for broad protection without the need for appraisals.
• Choose Scheduled Coverage If:
  • You own high-value, unique, or irreplaceable items.
  • You want to ensure each item is covered for its exact value.
  • You’re insuring items that have significant sentimental or monetary worth.

Why Work With Keating Agency Insurance?

With decades of experience, we specialize in tailoring coverage to each client’s unique needs, offering:

• Expert Guidance: Helping you navigate the nuances of blanket and scheduled coverage.
• Comprehensive Policies: Offering coverage with no deductible and broader protection against loss, theft, and damage.
• Personalized Service: Ensuring your policy fits your budget and lifestyle.

Real-Life Scenarios: The Value of Blanket and Scheduled Coverage

• Blanket Coverage Saves the Day: A traveler loses a pair of earrings and a bracelet while on vacation. Thanks to their blanket policy, both items are covered under the overall limit, and they receive reimbursement quickly.
• Scheduled Coverage Ensures Full Value: A custom-made diamond necklace is damaged during an event. Because it was scheduled with an agreed value of $25,000, the owner receives the full amount to repair or replace the necklace.

How to Get Started With Valuable Items Insurance

Protecting your cherished possessions with the right coverage is simple:

1. Take Inventory Document your collection, including descriptions, purchase receipts, and photographs. This will help you decide which items to schedule and to blanket.
2. Get Appraisals For high-value items, obtain professional appraisals to determine their current market value. Ensure appraisals are up-to-date to reflect any changes in value.
3. Review Your Coverage Periodically Update your policy whenever you acquire new items or as the value of your collection changes.

Whether you’re safeguarding an heirloom necklace or a collection of everyday jewelry, choosing the right type of valuable items insurance—blanket or scheduled—is crucial.

Keating Agency Insurance is here to help you protect what matters most. Contact us today to learn more about blanket and scheduled coverage options and gain the confidence that your cherished possessions are secure.