How does Jewelry Insurance work? - Powers Insurance & Risk Management

Jewelry insurance must be a separate policy, separate from your homeowners insurance. Having a separate policy ensures that your homeowners insurance won’t increase if you file a claim. More importantly, jewelry insurance has more coverage than a standard homeowners policy. Jewelry insurance will cover the full replacement value of your jewelry, while homeowners policies may cover only a fraction. Also, many homeowners policies will only cover jewelry if it is stolen. not so with jewelry insurance. Whether your jewelry is lost, stolen, or even damaged, you’ll have peace of mind knowing your jewelry is protected. jewelry insurance not only covers your items under any unfortunate circumstance, but worldwide.

lost your ring in the sands of a tropical island? you’re covered!
Has your luxury watch been stolen from your hotel room? you’re covered!
did you chip your diamond on a hard surface? you’re covered!

No matter what happens or where you are in the world, your jewelry is covered.

Reading: How does jewelry insurance work

What types of jewelry insurance are there?

There are two types of jewelry insurance, scheduled and general. scheduled insurance will list the value of each piece of jewelry and general insurance will insure the value of your collection in its entirety. choosing them will depend on how many pieces you have in your collection and the value of each individual piece.

Scheduled Jewelry Insurance: In this policy, each piece of jewelry will be listed with an agreed value. an appraisal will be required, within the last two years, for each piece. Scheduled jewelry insurance is ideal for high-value pieces.
General Jewelry Insurance: Under this policy, your coverage will be based on the total value of your jewelry collection, rather than an individual piece. there will be an agreed maximum limit value per individual piece. if you have a single piece of higher value, you may want a separately scheduled policy. general jewelry insurance is easier to set up and appraisals are not required. however, it is recommended that you have documentation of all your parts so that values can be determined after a loss: a description of the part, a photograph, and an estimated value. If you get a new part while traveling, you don’t have to worry about adding it to your policy. You will be fully covered as long as the value does not exceed the maximum policy limit.

what is the best insurance for jewelry?

It will be up to you to choose the best insurance for your jewelry. if you have a lot of high-value parts, you’ll want a scheduled policy. If you have a lot of mid-range parts and frequently buy new parts, an umbrella policy is a great option. Choosing the right company and the right policy will depend on your needs. some additional things to consider with your policy:

Inflation Protection: If you haven’t had a recent appraisal on your parts, some companies will cover up to 150% of the part’s initial value if the replacement cost has increased. .
Reduced Rates for Jewelry in a Safe Deposit Box: You may qualify for reduced rates if you plan to store your jewelry in a bank vault, safe deposit box, or qualified home safe.
types of loss: If you decide not to get a separate jewelry policy, remember that most homeowners policies will only cover theft. A separate jewelry policy will cover the value of the piece no matter if it is lost, stolen or damaged.
Loaned Jewelry: If you borrow jewelry from friends or family, your policy may provide coverage if you experience a loss while it is in your possession.
deductible: Most stand-alone jewelry policies do not have a deductible. you can opt for a lower premium if you choose to have a deductible.

How do I file a claim for lost jewelry?

To file a claim for lost, stolen or damaged jewelry, simply call your insurance advisor. if you have a scheduled policy, they will have an appraisal available. If you have an umbrella policy for your entire collection, they’ll need documentation about the item, such as a photo, a description of the piece, and an estimated value. the company will then write you a check for the agreed value of the part. It’s always a good idea to get jewelry appraisals, even if your specific policy doesn’t require it.

What is the jewelry insurance deductible?

Most jewelry insurance does not have a deductible if it is an independent policy. some policies will have a lower premium if you choose to have a deductible. Remember, a separate jewelry policy will not affect your homeowners policy if you file a claim.

If you’re considering a jewelry policy, don’t hesitate to call powers insurance. our agents will help you find the right policy for whatever your needs may be. 314-725-1414 or email [email protected]