If You Need Insurance coverage for your Jewelry:
If you have a homeowner’s insurance policy or renter’s insurance, you already have some jewelry insurance. That’s because these policies include coverage for unscheduled personal property — which includes jewelry. Typically, however, such coverage is limited to the perils covered and lower dollar amounts on theft losses, as well as by various exclusions. If you own higher value fine jewelry (valued over $1,000), your homeowner’s insurance could be inadequate.
For jewelry that is inadequately covered by a homeowner’s policy, additional kinds of coverage are available. The coverage is called scheduled jewelry insurance, which covers specific items by what is often referred to as a “floater,” which may or may not be tied to a homeowner’s policy. These policies offer much broader coverage, very few exclusions, and higher limits. Not all floaters are the same. Some only provide repair or replacement — no cash.
Premiums, the price you pay for insurance, can vary from company to company. In all likelihood, you will get the best rates by insuring jewelry with the same company you use for insuring your home or auto. However, there are companies that specialize in stand alone Jewelry insurance, Chubb has a stand-alone policy for customers with high value collections. Also specialty companies offer standalone personal jewelry policy insuring only the jewelry you want to insure. This typically results in a simplified and expedited insurance process. In addition, it offers a cost-effective alternative to other forms of insurance that cover jewelry.
One of the best ways to protect your jewelry purchase is to become educated before you purchase insurance coverage. We strongly encourage working through an insurance agent. Our agents have received specialized jewelry insurance training, and can help you find the best coverage and a reasonable rate. Call or email us with any questions you may have we will make sure your jewelry is protected. www.insuranceconnectionusa.com, 940-382-4700 or email Alexandra@www.new.icusainsurance.com