Choosing Incredible Insurance Coverage

After struggling for years with an incredibly expensive insurance plan, I realized that there had to be something that I could do to make things right. I started shopping around for a business that could help me to make things right, and I was able to find an insurance policy that fit well with my budget and my lifestyle. The premiums were low and the coverage was great, which is almost unheard of these days. This blog is all about choosing incredible insurance coverage for you and your family, so that you can enjoy a happier, healthier life. Check out this blog for more information.

Tips for Using Homeowner's Insurance to Protect Your Jewelry

Insurance Blog

Some home insurance policies don't cover jewelry. Some cover jewelry but with relatively low limits. You must look beyond the standard home insurance policy if you have expensive jewelry and want adequate coverage for them. Below are some tips that can help.

Increase the Jewelry Sub-limit

Homeowner's insurance policies have limits and sub-limits. For example, personal property coverage typically has a limit that is a percentage of the overall coverage limit. However, high-value properties, such as jewelry, have dollar sub-limits. For example, standard home insurance can have a sub-limit of $1,500 for your jewelry, which is relatively low.

Some insurance companies allow you to increase individual sub-limits for high-value items—at a fee. Confirm with your insurance company whether that is possible for your situation.

Buy a Floater

A second option is to buy a floater policy for your valuables. You might spend more on the floater coverage than the sub-limit increase, but the coverage is worth the price. For example, floaters tend to have broader coverage than standard policies.

Appraise the Jewelry

Your insurance company may require you to appraise the jewelry backfire the company gives you coverage. However, you should appraise the jewelry even if the insurance company doesn't require it. The appraisal helps you understand your jewelry's true worth, as you will need this knowledge if you lose the jewelry and need to file a compensation claim.

Confirm Appreciation and Replacement Values

Just because you lose $10,000 worth of jewelry, it doesn't mean that the insurance company will wire $10,000 to your account. Coverage, appreciation, and depreciation factors determine how much you can get for the jewelry in case of loss or damage.

For example, an actual cash value policy has a predetermined jewelry value, and this is what you get if you lose the jewelry. Discuss these issues with your agent or insurance company before you buy coverage.

Preserve Evidence

Lastly, preserve evidence you can use to prove your jewelry's existence and value in case of loss or damage. Acceptable evidence forms of evidence include:

  • Original or copies of the purchase receipt that shows the price and date of purchase.
  • Pictures or videos of jewelry pieces that show their sizes, condition, or number.
  • Appraisal documents that prove your jewelry's worth.

Ask your insurance company for their acceptable forms of evidence.

Hopefully, you won't lose your valuable items, such as jewelry. However, your jewelry's safety and security are not entirely in your hands. Buy adequate insurance coverage to shield you from financial loss if something happens to your jewelry. 

For more information, turn to a service such as Colston Insurance Agency.


18 May 2022