With these big items comes the question of whether or not you should insure them. To mitigate the financial impact of loss or theft you will want to insure these valuable items as quickly as possible. This takes a bit of thought on how to do so, so let’s take a look at some of the more important matters involved.
The question of existing insurance
The shortage of coverage can translate to massive losses in the event of a fire, major burglary or other threat, especially if you are storing a lot of highly valuable items.
Elements of coverage
As for cost, Investopedia states that a piece of jewelry valued at about $6,000 will translate to an average of about $80 to insure annually, with policyholders paying between $1 and $2 for each $100 of value the covered item has. Speak to your independent agent about the other considerations involved in insuring your valuable jewelry and new big-ticket items following the holidays.
Covering all post-holiday valuables
According to the Times, insuring each valuable individually within the schedule will certainly be more labor intensive, as it demands appraisals and other activities that umbrella-style coverage would not. However, it is worth the effort when various expensive and precious items are in your possession.