May 10
4
Two Ways to Insure Your Jewelry Items
Much to the surprise of many, the standard homeowners insurance policy has a very limited coverage for valuables such as jewelry. The standard policy only covers $1000 per incident for losses to jewelry items. Furthermore, the causes of loss are also limited. Only such causes as fire or theft would be covered – the same causes of loss that all of your belogings are covered under in your homeowners or renters policy.
One reason insurance companies offer such low coverage is to draw your attention to the fact that the standard homeowners policy perhaps not the place to insure high-value items. It is possible to endorse your insurance policy to offer a higher limit. Though this is not an extremely expensive way to cover your high-value items, there is another policy which will offer broader coverage and settle claims on an a value determined by the you and your insurance company.
There is another insurance policy called the Personal Articles Floater which gives the insurance coverage for high-value items such as jewelry with broader coverage than homeowners insurance policy. It would cover if you lost your jewelry which the homeowners insurance policy would not cover. This extra coverage extremely useful if you were to lose your wedding ring or have a valuable stone fall down the sink.
It is necessary to obtain an appraisal before securing your coverage. Keep in mind when you are choosing to limit for your jewelry insurance that settlement will be the lesser of replacement cost or the limit of the policy. Though your jewelry may appraise for $5000, it may be possible to replace the item with another of like kind and quality for less. Jewelry insurance can be expensive and over insurance can cost you big.
Most insurance companies that write homeowners and rectors also write personal articles floaters. Contact your insurance company or agent to see if you can get a quote for extended coverage on jewelry. If your insurance company does not offer this kind of coverage, it is also available through special markets such as Jewelers Mutual Insurance Company.
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