A few weeks back, a close friend reached out via email, and it got me thinking about some insurance-related challenges that even people with existing coverage might face. It’s easy to assume you’re fully protected, but sometimes there are gaps you might not even realize until it’s too late. Let me walk you through a couple of things I’ve learned the hard way—and how you can avoid similar pitfalls.
First things first: If you haven’t already, take a moment to review your homeowners or renters insurance policy. Many policies have caps on specific items, like electronics or jewelry. I’ll admit, I didn’t pay much attention to this detail—until disaster struck. A few years ago, during a family vacation, someone broke into our house and stole my entire jewelry collection. Luckily, I wasn’t wearing any of the pieces that held sentimental value, but I still lost several heirloom pieces, including some lower-end items I’d picked up over time. When I tallied everything up, I realized the total value far exceeded the $1,000 cap on my renters insurance. Thankfully, my engagement ring was covered separately under a personal policy, but I wish I’d thought to extend that protection to other valuable items. Lesson learned! Now, we’ve updated our policy to include more specifics and ensure we’re adequately covered.
For those who own expensive tech devices like laptops or gaming consoles, it’s also worth checking whether your policy limits coverage for electronics. Some policies cap payouts at around $3,500 to $5,000, which might not be enough depending on what you own. It’s always better to double-check and make adjustments if necessary.
Now, let’s talk about jewelry appraisals. This is something I completely overlooked until recently. My engagement ring, for instance, is still insured based on its original appraisal from six years ago when my husband proposed. Jewelry values tend to appreciate over time, especially diamonds, and without an updated appraisal, you won’t be able to replace your pieces at their current market value if something happens. My friend Melinda, a CERTIFIED FINANCIAL PLANNER™ in Florida, had her wedding set appraised last week, and guess what? Her engagement ring had doubled in value since she first purchased it in 2006. That’s a pretty big difference! She shared this info with me, and it really opened my eyes.
If you’re wondering how often you should get your jewelry appraised, there’s no hard-and-fast rule, but industry experts generally recommend doing so every 2–3 years. Keep in mind that anyone can call themselves an appraiser, so it’s important to do your due diligence. Look for someone with formal credentials, such as the American Society of Appraisers Master Gemologist Appraiser designation, and ensure they specialize in jewelry. Be wary of fees tied to a percentage of the item’s value—it should ideally be a flat rate or hourly charge. While most reputable appraisers will allow you to leave your jewelry with them temporarily, I personally feel safer staying present during the process.
There’s a lot to unpack here, but the key takeaway is simple: Make sure your coverage is current and regularly updated. Set a recurring reminder on your calendar to review your policies annually—it’s easy to forget otherwise. Speaking of reminders, I’ve decided to start shopping around for a certified appraiser soon, especially since some of my pieces are well past the recommended appraisal interval.
Oh, and happy 5th anniversary to my wonderful husband! 🎉ðŸ’
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