What is jewelry insurance?
The Jewelry Insurance covers important jewelry items such as marriage rings, costly gemstones and other gemstones. Each insurance policy contains a certain Jewelry Coverage. Unlike other personal items covered by your policy, however, jewelry is subject to stricter coverage restrictions and other uncommon items, like fine arts, firearms, and specialized music equipment. This maximum for jewelry is normally $1,500.
Since jewelry is generally more costly than other personal property, particular considerations may be appropriate. There are usually three alternatives for jewelry insurance:
- Standard personal property coverage
- A scheduled floater
- A stand-alone policy
Read more for your high-value jewelry insurance choice.
How does jewelry insurance work?
Jewelry coverage is the basic component of most homeowners insurance policies. Typically, however, this coverage is limited to only $1,500 for every jewelry item that you have and generally covers only if stolen. If an item is lost or damaged you probably aren't covered. Sometimes special coverage needs to be added as such. Check out some of the following additional choices.
Scheduled endorsements
Most home insurance companies allow you to add a scheduled endorsement — commonly referred to as a floater — that enables you to boost the coverage limits for certain goods. Scheduled endorsements for a wide range of other high-value articles is provided and a popular choice for jewelry. In addition to expanding limits, these approvals may cover scenarios outside of a standard homeowners plan which can only cover valuables in cases of robbery.
Stand-alone jewelry insurance policies
In addition, stand-alone plans are also available in combination with home insurance providers offering alternatives. There are a number of suppliers who specialize in jewelry insurance can buy a specialist jewelry policy. Jewelers Mutual Insurance Group or Gemsafe are two companies offering high-value jewelry insurance.
Some big insurers provide jewelry coverage with such companies. In instances that are not covered by a regular homeowners policy, for example, GEICO partners are offering coverage for Jewelers Mutual. The mysterious disappearance or damage are examples of these circumstances.
What does jewelry insurance cover?
Your coverage will vary according to your type of policy. Standard home insurance coverage, for example, will probably cover simply robberies. Independent policies, however, can be broader, but the fine print is always worth reading so you are not deceived. In general, in the following conditions a scheduled floater or stand-alone policy would offer coverage:
- Theft: Jewelry is often the target of thieves as a high-value item.
- Damage: This cover will be paid for repairs if your jewelry item is chipped or otherwise damaged.
- Loss: pieces of jewelry that are lost or missing shall be covered by this policy.
Please contact your insurer to check if your insurance policy gives international coverage of the jewelry you have received as a gift during your vacation. You should also ask your own repair jeweler about the ability to pick.
Does renters insurance cover jewelry?
Renters insurance is equivalent to a homeowner coverage for the same amount of valuables. The replacement cost of the jewelry items must be identified. It can be necessary to assess these items.
What is not covered by jewelry insurance?
While jewelry insurance covers numerous problems that could affect your jewelry, it is not covered by some conditions. Like other insurance type, coverage in the following circumstances is restricted:
- War
- Wear and tear generally
- Intended injury
- Damage from pests or vermin
- Nuclear hazard
- Manufacturer defects
Jewelry warranties are not the same as insurance. A warranty will only cover problems of the manufacturer and should not be regarded as a legitimate option of jewelry insurance.
Filing a jewelry insurance claim
Each insurer may have an alternative jewelry insurance process, but before you can submit a claim, they are probably needed to have the value of your articles determined by an evaluator. If a claim is submitted, it will probably also apply to your homeowners if your coverage is in accordance with your normal policy. However, scheduled floaters and stand-alone policies are unlikely to be deductible.
Moreover, it should be noted that jewelry insurance claims filed on a stand-alone policy will not influence your homeowners insurance premiums.
How much does jewelry insurance cost?
The cost of coverage for jewelry insurance depends on a variety of factors. Without special endorsement or stand-alone plan, your homeowners or rental insurance premium includes $1,500 in coverage. The value of the jewelry itself is the main factor for scheduled items, as more expensive things probably demand a larger insurance cost.
According to GEICO, which is a partner of a specialized jewelry insurer, the stand-alone jewelry insurance policy is often around 1% to 2% of the entire annual value of each insured item. Therefore, a $7,500 engagement ring could be insured for somewhere in the neighborhood of $75 per year.
Jewelry insurance considerations
Jewelry can also be reflective of some of our most important individuals and situations in our lives, though frequently very pricey. Weddings, engagements, and a number of other occasions are often celebrated with jewelry. Heirlooms passed on from generation to generation can extend family ties and connect deeply with the past. While some jewelry items are difficult to label, in event of injury or loss they still need to be treated.
Obtaining the correct insurance cover is an excellent approach to increase your peace of mind. Some major insurance, like Chubb, can standard part of their policy by offering higher limits on gems or other high value objects. Whatever company you choose, make sure that when getting coverage, you check the policy conditions because each provider can approach scheduled items differently.
It may be time you purchased a new homeowner policy if you are concerned about the expense of adding coverage or higher bounds. In order to decide on the homeowners insurance policy, you can receive an insurance quotation from StrongInsurance for your needs.