How to Add Diamond Jewelry to Your Homeowners Insurance
ByIf you have never considered adding your diamond jewelry to your homeowner’s insurance policy, you could be setting yourself up for disaster. Protecting pieces of jewelry from loss and/or theft is something every homeowner should do. By adding your diamond pieces to your current homeowner’s insurance policy, you are protecting yourself from a great loss should something tragic happen. Here are a few tips on how to add diamond jewelry to your homeowner’s insurance.
Meet with Your Agent. The first step to adding your diamond jewelry to your homeowner’s insurance policy is to meet with your insurance agent. Review what your current homeowner’s policy covers, and what the limit is for loss or theft of jewelry. What many people do not know is, most major insurance carriers limit the amount you could get in reimbursement for your entire collection to $1000 or less!
Add Policy Amendments and/or Riders. If this is the case with your insurance company, you will want to add a policy amendment and/or rider signifying the value of the diamond jewelry. Be sure to give copies of any appraisals and photos to your homeowner’s insurance agent. While these amendments and riders will raise the price of your premium slightly, it is nothing in comparison to the amount you could be out during a loss or theft.
Coverage Limits. It is also important to understand your coverage limits. Most homeowner’s insurance policies cover your diamond jewelry anywhere in the world, even if you are on vacation in a different country. A few companies require an additional amendment to your policy in order for this to be true. Check with your insurance agent to determine which option your policy falls under.