Most people own at least one piece of expensive jewelry, whether it’s a special wedding ring, a class ring, or a precious necklace. Many fine jewelry items are not adequately insured. How many times have we heard about wedding rings going down the drain or getting lost at the beach. This kind of thing happens a lot. Insurance Coverage owners who do not have adequate protection may not receive a decent reimbursement for their item, or may not receive any at all. A Personal Articles Floater is the most comprehensive form of jewelry insurance.
Jewelry and homeowners insurance
There is limited coverage for jewelry items under a standard homeowners policy. Any one jewelry item is only covered up to $1,000. Furthermore, the types of jewelry covered are also limited. For instance, lost jewelry is not covered. An insurance policy called the Personal Articles Floater provides jewelry insurance coverage under a broader umbrella. A homeowner’s or renter’s insurance policy may include additional limits for jewelry, but there are still limits to how much an insurer will cover and the coverage is still limited. Personal Articles Floater policies provide much broader coverage for lost items.
How are Claims Settled for Lost or Damaged Jewelry
Jewelry insurance values articles at the time of writing. Therefore, in the case of a loss, there is no claim problem regarding the value of the piece. As a result, claims under the Personal Articles Floater policies are handled swiftly and efficiently. In most cases, payment will be made at the lesser of the cost to replace or repair the item or the limit established when the policy was written.
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Application for Personal Articles Floater Insurance
Jewelry insurance requires an appraisal from a certified gemologist. Almost all jewelry stores have a gemologist on staff who can provide an appraisal for a small fee. Don’t forget that retail jewelry values vary considerably from year to year. Insuring a piece of jewelry valued at $10,000 does not necessarily mean purchasing insurance in that amount. For example, if a similar item of like kind and quality can be purchased for $8,000, that might be a better deal. Insurance for jewelry is expensive. Insuring it for more than is necessary is just a waste of money.
How do you find the best jewelry policy?
Purchasing a policy is as fun as it sounds, but there are quick ways to get started, and comparing quotes can often become addictive. A homeowner’s policy is the first place to begin. You can ask the company how much it would cost to add the appraised jewelry to their policy. Don’t add it immediately; it is always advisable to have at least three quotes. The company that provides your homeowner’s policy may offer a separate policy that you can purchase from them. If they do, see if they offer a discount since you already have a policy with them.
Who are the best jewelry appraisers?
As a first warning, don’t trust cheap appraisals. As much as we all like a deal, when it comes to things like insurance, especially for something as valuable as jewelry, you have to know that what you have insured for is a true representation of its value. You will pay premiums based on that $20,000 valuation if your jewelry is valued by someone who doesn’t know what they’re doing. turns out to ‘only’ be worth $15,000 then you’ll get that back, and you’ll have wasted money on the additional $5,000 it was overvalued.