Protect your fine jewelry

March 18, 2019 by PEMCO Insurance

Your grandma's pearls. An heirloom watch. The sparkler that accompanied your "I do's." Few possessions pack as much emotion as jewelry.

We can help you make sure that "worry" isn't one of them. And peace of mind starts with knowing you have the right coverage.

The coverage you already have

Virtually all standard homeowners, condo and renter insurance, including PEMCO's, limits coverage for expensive items like jewelry, guns, silverware, computers and business equipment. For jewelry, it covers a combined value of $5,000, with a limit of $2,500 per item. If the jewelry is simply lost (instead of stolen, destroyed in a fire or damaged under other conditions named in the policy), coverage won't apply unless you've added a special "all risk" personal property endorsement.

Extra coverage if you need it

If you have a special piece that exceeds those limits, you can buy per-item coverage based on a price per $100 in appraised value. There's no deductible if you need to make a claim. Call your local PEMCO agent or 800-GO-PEMCO for current pricing.

To get extra coverage, you'll need a professional appraisal, preferably from a jeweler certified by the Gemological Institute of America (GIA), American Gem Society (AGS) or International Gemological Institute (IGI). To keep your premium as low as possible, be sure to tell the jeweler you need the appraisal for insurance purposes (the cost to replace the piece) rather than a retail appraisal. It should include a report with a description of the item, including points, carats and often a photo or illustration. Keep the original and send a copy to us.

If you already have special coverage, it's a good idea to check in periodically with your jeweler to be sure your insurance has kept pace with the rising price of gold. Also, get items reappraised if you've upgraded rings with bigger stones.

Safeguarding your valuables

If extra coverage isn't in your budget and you don't wear the item often, consider storing it in a bank safe-deposit box or secure home safe. And to make sure that special piece stays as perfect as your memories, get your jewelry inspected once a year to detect and repair broken prongs or loose stones.


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