So if the worst factor occurs to these packages, you’re going to need the best safety.
However what does jewellery insurance coverage cowl? And what’s one of the simplest ways to guard your gems?
Identical to your dream engagement ring, the best selection is determined by your preferences and life-style. We’re right here that will help you make one of the best protection selections for your jewellery field.
Right here’s what we’ll cowl, in Plain English:
What’s the best way to insure my jewelry?
Who’s covered by jewelry insurance?
How much does jewelry insurance cost?
Is it worth it to insure my jewelry?
How do I add jewelry to my policy?
How do I get a jewelry appraisal?
How do I file a claim for my jewelry?
What’s one of the simplest ways to insure my jewellery?
There are a couple of other ways you’ll be able to cowl your jewellery underneath your rental insurance or homeowners insurance policy – here’s a breakdown:
1. Your base renters or homeowners policy
Whether you’re looking to protect your handy Apple Watch or a bracelet your grandmother gave you, your standard renters or homeowners policy has you covered. (Plus: Your policy also covers your other stuff, including your phone, laptop, bike, camera, etc.)
Your policy can help reimburse you if your jewelry (or anything else) is lost or damaged due to theft, vandalism, fire, windstorm, or 12 other bad things (aka, ‘perils,’ in insurance speak). So if your ring is stolen at the gym, or your earring collection is damaged in a fire, your policy can help pay you back.
Here’s a complete list of perils that are covered:
Which peril should you be most worried about? By far, theft is the most common reason Lemonaders file claims for their jewelry. “Around 44 percent of claims involving jewelry that we see are theft claims,” said Lauren S., a BizOps associate at Lemonade.
While your policy has your back in most situations, it doesn’t cover wear and tear. So if your watch face gets scratched up, your policy can’t help you out. That’s because insurance is there for any ‘sudden and accidental’ damages- and scratches on your watch aren’t exactly unexpected.
Same goes for redipping your bling- if your favorite bracelet doesn’t sparkle like it used to, or your cufflinks have dulled, your policy doesn’t cover a fresh polish.
There are a few other important things to note when it comes to your policy’s base jewelry coverage. If you file a claim for stolen jewelry, your insurer can only pay you a maximum of $1,500 under your base policy (this is called a ‘sublimit’ or ‘coverage limit,’ in insurance speak).
You may not think your jewelry collection is worth much, but it adds up. Imagine you have two gold necklaces, an old charm bracelet, your Grandpa’s class ring, and a set of diamond studs. Individually, these items may cost less than $1,500- but if you lose your entire jewelry box, your insurer can only pay you $1,500, and you’ll have to pay out-of-pocket to replace the rest.
Why? Insurance companies don’t assume you own expensive things, because they don’t want to charge you for coverage you don’t need. If insurers assumed everyone owned a $5,000 watch, every policy would be much more expensive.
And when you get your policy, you can usually choose a deductible between $250 to $2,500. If your insurer approves your jewelry claim, they’ll subtract that fixed amount from your payout. But here’s the good news: Your deductible kicks in before the $1,500 sublimit.
So if your $10k watch is stolen, and you have a $250 deductible, your insurer will pay you $1,500 for your watch (aka, the sublimit). But if your $1,000 ring is stolen instead, your insurer will pay you up to $750 for your that ring (replacement cost minus deductible).
But that doesn’t mean you’re out of luck if something happens to your high-ticket bling. That’s where Extra Coverage comes in.
2. Extra Coverage
What’s Extra Coverage? It’s additional insurance coverage for extra special items – like your jewelry, camera, fine art, musical instruments, or bikes – that you can add on to your homeowners or renters insurance policy. (Other words for this are ‘jewelry floater’ or ‘scheduled personal property coverage.’)
What puts the ‘Extra’ in Extra Coverage? First off, it covers the full worth of your jewelry, deductible-free! So if your $10k ring was swiped, your insurer would pay you the full $10k to buy a new one.