One of the several procedures you can use to protect your pieces of jewelry involves the use of your home insurance policy. The home insurance policy offers coverage for the home in case of any damages that may result from fire and natural disasters, such as floods and earthquakes, especially when you live near a body of water. The coverage they offer is not restricted to the structural integrity of your home alone but may also cover homeowners’ personal properties, such as jewelry, firearms, and other valuable items.
However, the coverage home insurance policy provides for homeowners’ personal properties is limited to a certain degree; hence, the home insurance policy only provides you with partial coverage for your personal properties, such as jewelry. For instance, if your piece of jewelry is worth $5,000, you should not expect coverage of $5,000 from your home insurance policy because they will be insured less than $2,500 but not lower than $1,000 depending on the coverage limit for jewelry on their policy.
The deductible you decide to pay also plays a significant role in your claim, which simultaneously determines the degree of protection your jewelry will get from your home insurance policy. Your deductible may range from $500 to $2,500 or more, which will simultaneously mitigate the rate of your coverage. If you decide to pay a deductible of $1,000 for your $5,000 piece of jewelry, which eventually gets missing due to some unforeseen conditions, you will have a claim payment of $1,000 (this is lower than half the value of your jewelry) if your jewelry coverage limit is $2,000.
However, you can avoid this deductible and insure your piece of jewelry to its appraised value by insuring your jewelry to a specific coverage in your home insurance policy—that is, insuring your jewelry as scheduled personal property. This way, your jewelry will be insured with a full claim payment of $5,000 (full appraisal value) without paying for deductibles. However, these benefits come at an expensive cost of the premium.
Inland marine insurance is a nickname for personal articles policy, which is not an add-on homeowner or rental insurance policy but rather a stand-alone policy. Hence, they can be used to protect a particular item or property, such as your jewelry; although, you will be required to provide recent proof of purchase (receipt) or recent appraisal. But in the case of jewelry, it is always preferable to provide your recent appraisal because it gives full detail of the piece of jewelry item(s) you decide to insure.
Inland marine insurance also comes with no deductible, similar to a scheduled personal property policy. Still, it is advisable to carefully go through your policy details because some insurance providers may provide personal articles policy with a default deductible.
There are a plethora of insurance providers in the market than it was in the past; they offer coverage specifically for jewelry, thereby guaranteeing you overall protection for your piece of jewelry. Specialized jewelry insurance is, therefore, a better protection option for your jewelry than homeowners or rental insurance policy that will only cover part of your jewelry with a claim payment that will be lesser than half the worth of the jewelry.
Few specialized jewelry insurance providers in the market usually require your proof of purchase—that is, receipt, which will provide the worth of your jewelry and simultaneously determine their coverage amount. However, most of the specialized jewelry insurance providers in the market frequently require your recent appraisal, which shows not only the cost or worth of your jewelry but also the detailed description of your jewelry.
The details an appraisal provides usually include gemstone weight, metal quality, cut, and clarity. The type of gemstone (which may be diamonds, sapphire, emeralds, or rubies) and the quality of metal are the most significant factors that influence their value. These appraisal details of your jewelry determine the coverage amount and act as a reference in case of replacement of missing jewelry.
There are numerous specialized jewelry insurance providers in the market with convincing offers, but only a few are apt for your pieces of jewelry, and they include
Jewelers mutual: Jeweler mutual provides its customers with two options; to either pay deductible (that starts from zero) or out-of-pocket payments. They make use of your jewelry appraisal to determine your coverage limits, after which you will have to pay about one to two percent of the value of your jewelry annually as a premium.
Lavalier: Lavalier makes use of a jewelry appraisal that is less than eighteen years old to determine your coverage amount with a worth of $5,000 or a purchase receipt for your jewelry less than $5,000. They provide you with options of choosing your deductible that starts from as low as zero. Furthermore, the coverage Lavalier offers per piece of jewelry are about $50,000 and higher.
Zillion: The coverage Zillion offer is not limited to a location because it is worldwide. They protect your jewelry from theft, damage, and ad hoc circumstances. But they do not cover your jewelry in a few situations, such as war, nuclear hazard, and intentional acts.
This is the list of the top three best-specialized jewelry insurance providers in the market, according to research. They offer total protection to your pieces of jewelry without limitation that comes with add-on homeowners or rental insurance with a full claim payment equivalent to the worth of your jewelry.