Jewelry Insurance

Overview

Jewelry insurance is a special kind of insurance that covers the costs of repair, theft or loss of one special piece of valuable jewelry or an entire collection of jewelry. Insuring jewelry is very easy. If you have homeowner's insurance or renter's insurance, you already have jewelry coverage. The unscheduled personal property in your policy includes jewelry. But some of these policies have very low coverage for jewelry. For higher-priced jewelry, most insurance companies offer jewelry insurance to cover specific items.

How It Works

When you want to insure a piece of valuable jewelry, find a company that offers jewelry insurance and apply. Next you should take the jewelry to a jeweler. He will appraise the jewelry for you and fill out an insurance evaluation form. This is necessary to determine the actual retail value of the jewelry. Then decide the type of policy you want. You can opt to pay higher premium with no deductable or choose to have deductible with a lower premium. If your jewelry is damaged or stolen, the jewelry insurance will cover the cost or give you a replacement, depending on your agreement in your policy. This is done through a personal articles floater, which can be written as a stand-alone policy or attached to a homeowner's policy.

Benefits

Insuring a valuable piece of jewelry makes repair and replacement more affordable. This type of insurance is for jewelry that might not be covered under the homeowner's insurance policy. Another benefit of the jewelry insurance is that the coverage is usually worldwide. So even if your jewelry is lost, stolen or damaged when you are travelling, you can claim the money.

Cost

The cost of jewelry insurance is very little when compared to the value of the jewelry. You will get the best rates by insuring jewelry with the same company where you have purchased a home or auto insurance. The cost of insurance is based on the jewelry's retail replacement value and the state and county of the person who own the jewelry. You can make one time yearly payments or small payments every month.

Timing

The best time to get jewelry insurance would be when you acquire a valuable piece of jewelry. Check your homeowner's or renter's insurance policy to see how well your jewelry is covered. Based on that you can decide on what kind of policy you need.

Companies

Chubb and Jeweler's Mutual, Jewelry Insurance Brokerage of North America and Touchstone are some of the insurance companies that offer jewelry insurance. There are also other companies that insure your valuables for items that are not protected under homeowner's or renter's insurance policies.