Insuring JewelryI am a "jewelry hound". I love the stuff: I buy expensive.
Over time, it starts to add up. I'm sure I've got about $15,000 in jewelry now.
Did you know that most basic homeowners policies have a limit on the dollar amount that they will cover in jewelry? It's true! I'm now well over the limit on my policy (which I just checked and is $6,000).
Now I've got a special rider to protect my wedding rings, but I had completely forgotten to get my other jewelry covered. That's now on the top of my to-do list.
Why? Well, I've lived through a house-fire once. It was a devastating fire and my family's home burned to the ground. We couldn't salvage anything. All my jewelry was destroyed. (Did you know that diamonds will actually burn if the fire is hot enough? And of course, metal will melt and become slag.)
So, given that I'd had such an experience, how could I miss insuring my jewelry? Well, mostly because I've acquired it one piece at a time, slowly. So, although I now have quite a bit (especially since my husband now contributes to my growing collection), it's happened quite gradually.
However, no excuse will prevent my claim from being denied if a jewelry piece or two go missing.
From time to time, we should all inventory our belongings, and make sure our insurance fits our needs. I'll be doing that now -- starting with my jewelry box.