Do You Need Jewelry Insurance
However such coverage often has limitations and is not likely to cover the full cost of a more expensive piece of jewelry.
Do you need jewelry insurance. Scheduled jewelry insurance can be attached to your existing policy or it can be completely separate. Documentation you ll need to insure your jewelry insurance providers usually ask for receipts pictures and current appraisals of the jewelry you want to insure. This is called scheduling your jewelry or adding a rider to your policy. Riders to existing policy.
You need to provide an appraisal either before or shortly after you purchase your coverage so you have an accurate jewelry valuation. A qualified jeweler must conduct the appraisal and will provide you with appraisal documentation to submit to your insurer. The personal insurance jewelry policy from jewelers mutual insurance group covers theft loss damage and disappearance. Of course you probably don t have receipts for jewelry that s been handed down through generations and in that case pictures and current appraisals are usually sufficient.
Although jewelry insurance works in a similar way to other insurance policies you re familiar with as it s designed solely for jewelry it will usually cover more than your homeowners insurance policy would. This isn t entirely correct. If you have home insurance or a renters policy then it may provide some coverage for lost or stolen jewelry. The final decision you.
Your home insurance policy does usually cover valuables but only up to a standard limit. You may also be required to include photos along with the appraisal paperwork. Be sure to make certain exactly what coverage your initial quote includes as well as asking about any available discounts. The peace of mind you d get by having insurance makes the low cost well worth it.
This means to insure 20 000 worth of jewelry could cost you 200 to 400 per year. How many times have you thought you don t need jewelry insurance because homeowner policy covers everything. If you had a 10 000 engagement ring it would cost 100 to 200 a year to insure it. Is jewelry covered under household insurance.
Jewelry insurance is pretty affordable. If you don t have homeowner s insurance because you are renting you ll need a rider on your renter s insurance to protect your jewelry. The coverage is worldwide so your jewelry is covered no matter where your travels take you. In fact almost all homeowner insurance policies are inadequate for luxury watches and fine jewelry that worth more than 1000.
Although the limit varies between insurance companies most policies have a special limit of 5 000 for jewelry which is the maximum amount they will pay in the event of a loss. Personal jewelry insurance policy. You may have enough protection there already to cover your jewelry. To properly cover your jewelry against loss theft or damage you need to insure it individually within your household policy.
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