Have you insured your jewelry?

It's always a good idea to have insurance on your personal belongings, either with renter's insurance or home owner's insurance. Ask anyone who's ever had a disaster like a fire, and they will tell you how important the insurance was. Imagine having to furnish a house from scratch and to purchase an entire wardrobe? The cost of that is huge, while the cost of insurance can be relatively low.

If you're a lover of fine jewelry like I am, you also need to make sure that you have adequate coverage for your valuables. Many insurance policies offer very limited coverage for those items. For example, my policy only offers standard coverage of $1,000 per piece of jewelry, up to a maximum of $5,000 total.

I have a rider on my policy that covers additional jewelry, and I highly recommend it. The rider has an increased limit on the total payout. Individual pieces are also covered under the rider, and whenever I get a new piece that is over a certain dollar amount, that piece is added to the policy.