Happy Valentines Day!
I was in a jewelry store the other day. The place was hopping! If you gave or got jewelry or just have questions about jewelry insurance, here are some tips.
-Most homeowners' insurance policies include coverage for jewelry.
-Most home insurance limits coverage for jewelry to the limited perils - fire lightning, wind, hail, smoke, vandalism, vehicles, aircraft...
-Theft of jewelry is usually limited to $1,000 of coverage.
-Your standard deductible applies to jewelry claims.
-No coverage for breakage under most home insurance policies.
-Coverage can be expanded by listing the jewelry on a special "floater" policy.
-Specific jewelry insurance on a jewelry floater usually gives additional perils such as breakage - this usually included accidents like loss of the stone.
-Jewelry floaters usually have no deductible.
-Watches can be included in a jewelry floater.
-You must set the value of the item. If you say the value of the ring is $5,000 and, after a loss it is determined that the ring was actually $7,000, you only get the $5,000. Conversely, if the ring was worth $3,000, you only get the $3,000. Regular appraisals can avoid these problems.
-Antiques, fine arts, silverware, etc. can also be insured on a floater policy.
-Talk with your insurance adviser to see how your policy works and what is available from your insurance company.
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