What if you are renting?

by Admin 15. May 2014 15:05

Whether it is your first apartment home, or you are transitioning between home purchases, you need renter’s insurance. 

But, did you know that most renter’s insurance policies do not cover jewelry?

Check your policy to make sure, but most companies decline to insure jewelry when you’re renting, because they feel it is at greater risk for loss.

There are also some insurance companies who will sell you coverage for your jewelry only, even if you’re renting.

As with regular homeowners insurance, the insurance company will require an appraisal on the articles you choose to schedule. So analyze your collection and determine the articles of highest value that you want to insure. If you have pieces that you do not wear on a regular basis, consider renting a safety deposit box in a bank. Everyone believes they have good hiding places however, burglars know a lot of those too.

Also remember to ask your agent if it only covers theft and fire, or if it covers mysterious disappearance as well.

The cost is similar to homeowners insurance for jewelry and is really important to obtain, since others such as maintenance and management may have access to your unit.

In the unfortunate event of a loss, it is always helpful to have good records. Sometimes it is difficult, especially when you are stressed, to remember everything you own. Whether you are renting or not, I recommend taking photos or video of your articles, and making the descriptive inventory list. The photos or video will be proof of ownership. Your inventory list may be comprised of information from sales receipts (which you may want to save in digital form as well) or your own knowledge such as length of chains and type of gemstones. You may even use a ruler in the photograph next to the article(s) to indicate scale.

Hopefully will you will never need your documentation!

Tags:

Insurance | Jeweler | Owner

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