I’m sure you’ve read the recent articles about gold’s value increasing. For example, six days ago, the Wall Street Journal reported that gold prices are up more than 20% because of concerns about the stability of the U.S. economy. More recently, the Wall Street Journal reported that gold’s value dropped 5% and is expected to stabilize.
Bottom line, gold costs a lot more than it did a year ago.
What does this mean for you?
You need to increase your limits for your jewelry. If your jewelry is lost or stolen, what would it cost to replace it? Chances are, it will cost more than what it is insured for now.
And if you don’t think your house will ever get broken into, think again. I had a reality check a couple weeks ago when my house was burglarized. Don’t make the same mistakes I did.
In light of gold prices rising, here is what I recommend you do:
- Get your jewelry appraised.
- Document, document, document. Unless you have appraisal paperwork and pictures, you’re going to have a hard time convincing the insurance company that the thief stole half a million dollars worth of jewelry, even if your limit is higher.
- Raise your limits.
And as always, you’re always welcome to give us a call if you have any questions.
