Consumption and Real Estate
Should I store jewelry in a safe-deposit, or purchase a safe, or increase my renters insurance coverage?
Question : Should I store jewelry in a safe-deposit, or purchase a safe, or increase my renters insurance coverage?
I’m considering increasing my covering and getting a safe for added safety. I’ve read that safe-deposit boxes are not insured so I’m not sure if that is really a good idea. Your thoughts?
renters coverage
Best answer:
Answer by got it
Get the insurance. what good does it do to own something if you don’t have regular access to it?
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#2 written by VitaBella 1 year ago
I like “Got it”‘s answer….but you may want to take it a step further.
Get the safety deposit box for the items you rarely use. The items you use most of the time and keep them at home should be on what is called a “Scheduled Personal Articles Floater” policy to your renter’s policy. It’s broader coverage. You will have to get the item(s) appraised, submit to your agent/carrier and insure to it’s value. Also, when you do get the item(s) appraised, be sure to tell the appraiser that it is for insurance purposes….this way they will appraise it higher than the actual market value since jewelry appreciates over time.Good to do this ASAP…price of gold and platinum have increased substantially over the last year.
Good Luck!
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You can insure your jewelry on your renters insurance, while it’s in a safe deposit box, or while it’s in a safe on premises, much more cheaply than insuring it out of safe, on premises.
Safe deposit boxes ARE a really good idea – they are in fire resistant boxes in banks under heavy security. On a day to day basis, they don’t get robbed. If you have six figures of jewelry, the safe deposit box is the cheapest thing – and the safe deposit plus private (cheap) insurance on your renters, is pretty darned safe, AND insured.
The down side is, you can’t wear it. If you take it out to wear, it’s not insured, unless you have it insured seperately on your renters insurance.
You probably need to talk to your agent.