How To Find Good Insurance For Your Fine Jewelry

Many consumers make the mistake in thinking that should something happen to their engagement or wedding ring or other fine jewelry that the homeowner or renter's insurance policy they have will cover it. However, in most cases, homeowner's and renter's insurance does not cover jewelry fully. Policies typically have limits for personal property loss categories, which includes jewelry.
 

Homeowner's insurance policies typically will pay a maximum amount of $1,000 for jewelry thefts. Renter's insurances payouts will have a lower limit, around $500. If you have fine jewelry but have not reviewed carefully the policy's terms on jewelry, you may want to take a closer look. If you find that your policy does not adequately cover your fine jewels, you can seek additional insurance coverage.
 
Conduct an internet search for insurance agents or companies that write insurance for jewelry coverage if your local agent does not provide policies for personal property coverage outside your home or renters insurance. Contact the agent to get specific information about their policies. There are also several insurance companies that specialize in insurance coverage specifically for jewelry.
 
Here is how you can find affordable and adequate insurance coverage for your jewelry:
 

• Find out how much the deductible will be, and if adding the coverage to your present policy – ask how will the deductible affect the costs of your policy.
• Ask what is required to get the insurance coverage. An appraisal might be required and your will need to find out if there is a pre-approved list of appraisers you must use.
• Ask if the insurance covers the cost of full replacement of the jewelry and if you must replace the jewelry, or can you accept a cash settlement.
• Ask the agent if the jewelry is covered no matter where the loss occurs, such as while on vacation or during international travel.
• Ask if the policy will also cover any damages that may occur to the jewelry.

 
If you have jewelry that is not easily replaced (family heirlooms, antiques) or jewelry that has invaluable sentimental value to you and your family, it is in your best interest to seek information about obtaining adequate insurance in the event something happens. Protecting personal property besides a home or a vehicle, is often not on the forefront of the minds of consumers, until something actually happens. Jewelry is one such personal item that can be forgotten.