Myth #1 - I don’t require any additional insurance when my engagement ring is already covered on my homeowners policy. Very often homeowners polices cover just a small dollar amount for jewelry loss. Understand that a jewelry claim of loss or theft can possibly effect the premiums on your homeowners eligibility. Myth #2 – Regardless of the reason the jewelry is missing, my HO coverage includes jewelry damage or loss. A mysterious disappearance is typically not covered in homeowners policies.
Myth #3 - I can use the jeweler of my choice to handle the replacement, regardless of the insurance provider, in the event of a jewelry insurance claim. This is generally not true, they want you to work with their preferred replacement company. Some jewelry insurers will allow you your choice of repair or replacement. Myth #4 – I had my items appraised when I first received them. Is there actually a need to have them re-valued? Along with the current retail replacement value at the time of the evaluation, an insurance appraisal provides a complete description of the jewelry for insurance purposes. At the time of inspection, re-valuation can happen at that time. As a part of protecting jewelry, valuations and inspections are an important part of ownership.