No one can put a price on sentimental value, but insuring your jewelry will keep it financially protected should it ever be lost or stolen. So, if you receive a gem for Valentine’s Day, here are a few things to help you understand and protect its value.
- First, have it appraised. That can help you assign a dollar value to this meaningful item. Keep your receipt or appraisal with your home inventory records and take a picture of the item, too. If it’s not something you’ll use often, consider storing it in a safe or a safety deposit box.
- Then, once you know the value, think about how the item will be financially protected.
If you’ve purchased homeowners through Erie Insurance, you probably have a $3,000 limit for the theft of specific types of personal items, automatically. If you own jewelry, watches, furs or precious stones that are worth more than $3,000 combined, or if you own any one item that’s worth more than $3,000, you may want to purchase additional insurance.
ERIE offers several options that can help you protect these valuables:
- Purchasing an expanded or enhanced endorsement. For an additional premium, you can increase your per item coverage limits from $3,000 to $5,000 for extra theft coverage. With this option, you can make a claim on any one item up to $5,000. The homeowners deductible applies.
- Purchasing a personal inland marine policy. You can add a personal inland marine endorsement to your Erie Insurance homeowners policy or purchase a separate personal inland marine policy from ERIE. These policies specifically cover expensive items such as jewelry, furs, watches or precious stones. This type of policy provides comprehensive coverage, including theft, misplacement or losing a valuable item. The policy can be purchased with no deductible. Or, for a reduced premium, a deductible can be applied.
Thinking about how to protect your belongings doesn’t have to be hard. Give us a call at 888.304.6678 or visit our Virtual Insurance agency at www.TheWeimerGroup.com. We can help you review your coverage and determine if more coverage is needed. The Weimer Group is your local independent Trusted Choice insurance agency specializing in personal products such as PA homeowners and PA car insurance.