Most homeowners ‘or renters’ home insurance offers very limited protection for jewelry. Ideally, these valuable items should be protected by jewelry insurance. By conducting small searches before purchasing jewelry insurance, you can save on premiums and select the desired level of protection for your items.
To be certain that your valuable jewels are sufficiently protected, you will need to obtain a so-called “floating” font. This type of insurance extends the protection of individual jewelry. Generally, these policies do not require deductibles, but be sure to read the fine print of the contract.
A floating jewelry policy offers comprehensive protection in a variety of situations, including loss, theft, damage and mysterious disappearances. If your jewelry is damaged, the insurance policy will cover the cost of the repair. Some insurers insist that you instead use the refund amount to replace jewelry.
Tips to ensure your jewelry
When shopping for jewelry insurance, there are some important aspects to consider in terms of value and cost. Here are three tips to help you ensure your jewelry successfully:
- Have the value of your jewelry evaluated. Your insurance premium will be based on the estimated value of your jewelry. For the evaluation, you should provide photos to the insurance company and keep them in your personal files.
- Keep your bills. If you have to make an insurance claim on a lost or damaged jewel, having the original invoice on hand will speed up the insurance claim and refund process. Always send a copy of the receipt to your insurance company and keep the original in your own records.
- Store your jewelry. Some insurance companies offer what they call “in-the-door” insurance, which is ideal if you store your jewelry in a bank’s safe rather than at home. If you rarely wear the item and do not need to keep it at home, insurance policies “in the vault” offer you lower premiums and more security. You can also get extra protection when you take a jewel out of the bank’s safe deposit box.