Jewelry Insurance Facts. Did you know that your homeowners or apartment renters’ insurance policy typically covers jewelry if you lose it or it’s damaged due to a fire, hurricane, or tornado? It also covers against vandalism and theft; however, the theft coverage is typically limited to a total of only $1,500 per claim. This is due to the fact that jewelry is both valuable and small, which makes it one of the most stolen items on the planet. If your jewelry is worth more than $1,500, you need a separate jewelry insurance policy. Unfortunately, a great deal of consumers finds this out when it’s too late.
For example, if your $10,000 diamond ring is stolen and you don’t have a separate jewelry policy than you’re going to lose out on a lot of money. You also need to keep in mind that both homeowner’s and apartment renter’s policies have a deductible amount that typically ranges anywhere from $500 to $1,500. That means if you make a claim for a stolen ring the insurance check will be reduced by the amount of your deductible. So, if your deductible is $1,500 you will receive $0 for your $10,000 diamond ring if it’s stolen.
Now imagine that your $10,000 diamond ring is stolen along with a couple of expensive necklaces and a Rolex watch, and you don’t have any additional jewelry insurance coverage? It can be devastating to say the least. The good news is that we can set you up with an insurance floater for jewelry. It basically supplements your homeowners or apartment renter’s policy with a personal articles floater. That way your jewelry can be fully covered even if it exceeds the limits of your homeowners or apartment renters’ coverage.
The personal articles floater will actually itemize each piece of jewelry in your collection. In further good news, the floater typically doesn’t have a deductible. So, if your $10,000 diamond ring is stolen, you will typically receive a check for $10,000 from your insurance company. It should be noted that when you apply for a floater policy, you need to have each piece of jewelry appraised by a professional. You can also opt for a stand-alone policy for jewelry.
Floaters and stand-alone policies are similar in nature. However, a stand-alone policy typically covers additional situations. For example, if you chip the stone in your $10,000 diamond ring than the stand-alone will cover the repairs. It should be noted that stand-alone insurance usually requires a deductible that can range anywhere from $100 to $500 on average.
If you own jewelry in the Commonwealth of Massachusetts than you need to ensure that you have the proper insurance coverage in place. We can help you get the best deal on all of your personal and or business insurance needs. Please consult with a professional insurance agent that can answer your questions about all insurance related topics. It is important to fully understand exactly what you are buying when it comes to insurance policies.
If you have any questions, please call (508) 831-0133 to contact an associate at Zawada Insurance. We are happy to walk you through the details of your insurance policies and explain your coverage options. We look forward to helping you with all of your personal and or business-related insurance needs now and in the future.