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Getting The Best Insurance Coverage For Personal Jewelry

26 July 2011 No Comment

The usual type of insurance for jewelry is replacement value insurance. The insurance company will only pay up to a fixed amount to replace the diamond  or jewelry that was  stolen or broken  beyond repair. This does not mean that the insurance company will pay the full policy amount ,it means that they will pay or replace up to the coverage limit. In most cases, this will be under the the total value listed on the policy.

Your yearly fee  will be based on the value of the jewelry, the type of policy  that you want, and the area of the country that you live in. If you reside in an area with a high crime rate, you can expect to pay more for your jewelry insurance coverage. It is important to remember that insurance agents are not jewelry appraisers .It is best to get an appraisal and photo for your  jewelry, and to provide the insurance company with a copy.For example if you are covering a platinum wedding band make sure to list the weight, width and thickness. This leaves the insurance company less room replacement shortcuts verses the  actual   replacement value .

Don’trely on a  home owners or renters policy to cover your  jewelry.  Most policies  limit coverage to under $500.00 and also limit it to theft while at home. You need to look at purchasing an additional rider  that provides full value coverage for loss, theft and damage.  The cost  can be a lot less than you may think.

If you feel more secure  with a special policy so you don’t have to make a claim against your home owners ( force a rate increase) you may look into independent insurance coverage. Companies like Jewelers Mutual cover both jewelry stores and consumers with specific  low cost jewelry policies. Other well known names include Chubb Insurance which I know has been around for a long time .

The bottom line is if you buy  an  costly  engagement  ring or wedding band get all risk insurance coverage. Buying the right coverage  gets pushed aside when you are paying for other wedding items. Many couples plan destination weddings and spend hours searching for a qualified San Antonio wedding photographer but spending a few  minutes to buy coverage for her new platinum wedding bands is overlooked. Many couples go the the lake or beach for their honeymoon and have the ring lost in the ocean or it get stolen from the hotel room. Many policies cost less than $50.00 per year to protect you while at home or away.

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