Christmas time is a season of gift-giving, and some of it is in the form of jewelry. This means that you might find yourself with a new diamond ring or an expensive piece of jewelry. While it is a wonderful gift to get, you need to protect your new investment. How? Schedule your jewelry!
Many people spend thousands of dollars on beautiful jewelry but don’t take the time to insure it. And that’s a big mistake!
If you have homeowners or renters insurance, then your jewelry is covered as part of the contents of your home. But there can be problems.
We don’t know what it is worth.
It’s hard to get the full value of your jewelry back if you don’t know all of the specifics! Weight, color, cut, size, and so forth are all factors in the value. Ten years from now you might not even remember how much you paid.
You probably have a large deductible on your homeowner’s insurance.
Typically your contents coverage deductible is around 1% of your home value. So if your home is insured for $200,000, then your deductible is $2,000. If your ring is stolen, you’d be responsible for the first $2,000 before insurance kicks in!
But there is a simple solution to avoid all of these problems. SAV-ON homeowner’s and renter’s policies allow you to “schedule” jewelry for a small additional cost.
You bring in the receipt and appraisal of the item and we add all of that information to your policy. (Sometimes we don’t need all of this, just call us first and we can let you know.)
You will be charged based on the value of the item, but typically it’s less than $40 per year!
Plus, scheduled items don’t require a deductible. If your ring is lost or stolen, you pay nothing out-of-pocket but get to replace your precious jewelry.
So next time you open a jewelry box and put a sparkling diamond on your finger, make sure that you are insuring your investment.
Have questions about scheduling items on your homeowner’s insurance? Call SAV-ON today at 888-867-2866 for assistance!
Bundle your coverages and get a discount! Get a free rate quote here
