Insuring Your Jewelry With Homeowners Insurance

​Your most valuable assets may not have the protection you want, including a black pearl necklace, a vintage Rolex, or a diamond engagement ring. Fortunately, with your home insurance policy, you can purchase an add-on for your jewelry.

What You Need
If you have other types of substantial assets, you will need jewelry insurance. Otherwise known as a “floater” or a “rider” - since it focuses on small moveable items - it can overpower an insurance policy if the traditional insurance expires, and primarily provides coverage for the item against damage, loss, fire, and theft.

Most big-time insurers try not to offer jewelry coverage as an individual policy -- having homeowners insurance is necessary. However, those who own valuables can buy add-on coverage to their existing insurance policy. Major insurance companies encourage their clients to have additional handling for jewelry and other valuables.

Examples of Insurance Coverage
For Instance, a standard homeowner’s insurance policy at USAA offers coverage for jewelry lost in theft or fire, but not to accidental loss or damage. The limit of coverage for valuables is $10,000 and can be a policy deductible subject - the amount you need to pay before the insurance coverage comes to play. If you want more coverage for your jewelry, you will have to purchase a separate policy.

What to Ask
As you consider on which jewelry insurance policy option to choose, remember keep these questions in mind:

• Is there coverage for the full replacement cost of the item? How can they determine the amount, especially if the item is custom-made or an antique?
• How do they handle claims? Will you have to buy a replacement to request reimbursement, or will the insurer offer a check immediately?
• How often/can you submit appraisals that are updated?
• Is there a fluctuation of coverage limits concerning the price of gems or valuable metals?
• What is the required proof of damage or loss?
• Does the policy have exclusions? Which ones? What are the types of damage and loss not included in the coverage?

 
Conclusion
Several insurance companies offer discounts to their clients if they buy multiple policies at once. If you have property, life, auto, and home insurance from only one insurer, you will most likely receive a better deal.

At Cornerstone Insurance Agency, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (888) 661-8831. Get your free quote today by CLICKING HERE.