Jewelry Floater Insurance
Jewelry Insurance
De Beers Jewellers coined the term, “A Diamond is Forever” ….that is until you lose is it down a garbage disposal, lost on an international trip, or simply misplacing it never to be found again. And if that happens you can be out thousands of dollars. That is why Jewelry Insurance is a necessary policy to protect such high value items.
Jewelry Insurance – What is Covered?
Loss & Disappearance
Let’s face it, things get lost. Whether you left it on a towel at the beach or you forgot it on a bathroom counter at your favorite restaurant, we have you covered.
Damage
You hit your diamond ring on the edge of the sink and chip the diamond, we have you covered.
Theft
Think your ordinary Homeowners Insurance policy will protect your valuable jewelry…think again. Most home insurance policies have a limit to the amount of coverage available. Don’t worry, we have you covered.
Doesn’t my Home Insurance or Renters Policy Cover Jewelry?
The standard policy for both home and renter’s insurance does offer a limited amount of insurance of $1,500 minus the deductible. In most cases this is not enough coverage to protect such items. Jewelry Insurance is covered by a policy referred to as a Jewelry Floater where all your jewelry items are scheduled on one policy. The biggest advantage, other than the covered losses, is the standard Jewelry Floater has no deductible. Policies are designed for items to be either repaired or replaced at replacement cost.
What is the Cost of the Policy?
A stand-alone Jewelry Policy costs between 1% to 2% of all the jewelry scheduled on the policy. For example, if you have $20,000 in scheduled jewelry on a policy you can expect to pay $200 to $400 per year. Prices vary based on where you live, the amount of jewelry scheduled on the policy, and the insurance carrier. Discounts are available if you have a central alarm system or a bank safe.
What is the Process to Get Started?
Appraisal
A stand-alone Jewelry Floater requires that you have all the jewelry that you want insured appraised by a jeweler. Appraisals should be done every three years.
Market
We then market the jewelry to the top insurance carriers for pricing. This ensures that we are getting the best price for you.
Bind
Binding the policy is quick and easy. The whole process only takes a few days.
Where we Market your Jewelry Floater
- Chubb
- JIBNA
- Lavalier
Claims
The claims process is quick and easy as long you have everything in order on the policy. Only scheduled items are available to be replaced or repaired. There are two ways a claim is handled…Actual Cash Value or Replacement Cost. Actual Cash Value pays for the repair or replacement of the item minus depreciation. Jewelry is unique because it doesn’t depreciate in the same way a car or a piece of property does since it price is determined by market forces. Normal wear and tear can have affect over time, but that doesn’t always lead to a decrease in the value of the item. It is always best to choose Replacement Cost which pays the dollar amount to replace the item without taking depreciation. It is important to have your jewelry appraised every three (3) years to avoid being underinsured since material prices vary depending on the market. Insurance carriers will only payout to the price the item was insured for on the policy.
Is Jewelry Insurance Right for Me?
Insurance companies always want a certain amount of premium for the risk, so if you have only one piece of jewelry it’s best to up the jewelry amount on your homeowner’s insurance. Generally speaking, to get a stand-alone Jewelry floater you need $10,000 worth of items before a carrier will consider insurance.