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Do you know how much coverage your home insurance gives to jewelry and other valuables? Most home insurance policies already include some kind of coverage for jewelry; they have limits of liability for this kind of valuables. This is done to keep the coverage affordable. On average, the standard policy will have a coverage of $1,500. If your jewelry or collectibles have a higher value, you are a good candidate for a floater policy. Floaters are tailor-made to provide you with the broadest protection for your valuables. Jewelry floaters cover kinds of loss or damage that your home insurance won’t cover these include:
- Damage by fire or flood
- Accidental loss in drains or pools
- Loss or theft at hospitality facilities
You purchase these valuable items because you want to enjoy them and pass them down for generations to come; this means not worrying if your insurance will cover any mishaps. Add a jewelry floater to your home insurance policy and feel confident that they will always be secured.
Affordable
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Common questions about Jewelry Floater Insurance
Get quick answers to some of the most asked questions about jewelry floater insurance. If you have additional questions, please contact us.
What are jewelry floater policies?
You may believe that all of your belongings will be covered by homeowners insurance policies in the event of a disaster. Sadly, this is not always the case. Homeowners insurance does not cover all things, including a number of valuable items (if they are, they might not be fully covered). This is particularly true when it comes to expensive jewelry, and that’s where the day can be saved by jewelry floater coverage. Jewelry floaters can be described as additional coverage that can be added to an existing homeowner’s insurance policy. It safeguards expensive jewelry – ones that generally wouldn’t be covered by the average homeowner’s insurance policy. This may include the replacement of stolen or lost watches, wedding rings, and much more.
Are jewelry floaters worthwhile?
There may be situations where you might require jewelry floaters. If you happen to own a significant amount of valuable jewelry that is worth thousands, consider insuring it. A majority of homeowners policies offer only between $1500 and $2500 when it comes to jewelry coverage. Further, homeowners policies might limit coverage because of damage after either a theft or loss has been covered. Such policies sometimes include loss of jewelry coverage, too (for instance, removing a wedding band while at a beach, than misplacing it within the beach’s sand).
You have the ability to pick how your jewelry will be insured. Your insurance agent will either provide reimbursement for a missing ring (where you will get a check that covers either the replacement or cash value of the item) or replace your jewelry with a piece that is identical. If you would like to replace an item that you treasure, your insurance company may ask you for the following:
- Appraisals.
- A photo.
- Descriptions.
- Receipts.
These might not be sufficient, though. You needn’t concern yourself with remembering every little detail to provide a jeweler with when replacing lost items.
What do jewelry floaters charge?
For the most part, jewelry floaters will set you back between 1% and 2% of your insured jewelry’s total value. If you had a wedding ring worth $7000, then you would need to pay approximately $70 per year to have insured. If you don’t know what your jewelry is worth, you are encouraged to have a jeweler appraise it.