Do you need special coverage for jewelry and other valuables? To adequately insure high-valued items such as jewelry, watches, furs, china, and other valuable things, yes. Standard homeowners’ policies only cover the depreciated or garage sale value of your belongings. To cover the replacement cost of a high-value item - for example, a watch - specialty coverage is needed.
Protecting your valuable items from fire, storms, vandalism, and theft is worth talking to your insurance agent about, or requesting a free quote. If you ever find yourself wanting to replace an item of value, special coverage will be a lifesaver.
Here's an example of what you do not want to happen:
In 2007, a customer attended a conference in Atlanta, Georgia, staying at a five-star hotel. We'll call this customer Sally. She had a special gala to attend and packed her expensive diamond earrings - earrings she did not put into the hotel safe.
The gala was spectacular; Sally wore her diamond earrings and left them on her nightstand the next morning after getting dressed for the day to attend conference sessions. The earrings were missing when she returned.
Yes, Sally made a mistake by not putting her diamond earrings in the hotel safe. Sally also made a mistake by not having insurance specialty insurance coverage. After returning home from her trip, she wasn't only sad to have lost her favorite diamond earrings but only received the depreciated value, not the replacement cost.
Sally’s is a sad story, but this doesn't have to happen to you. Talk to your insurance agent today or request a free quote. Protect your valuables with specialty insurance.