Jewelry Insurance for Valuables Not Covered in Home Insurance Policy

jewelry insurance

We all know that jewelry can be expensive—engagement rings alone can cost an arm and a leg. Not only would losing a piece of pricey jewelry be devastating because of the financial loss but it likely has some emotional significance and sentimental worth. Jewelry insurance can reimburse those who have their jewelry stolen from their home, damaged, or if it completely disappears. 

Unfortunately, jewelry insurance is not included in home insurance policies. This means that it needs to be added to an existing renters or homeowners insurance policy or bought directly through a jewelry-only insurance company.

Jewelry Insurance
Protect valuable jewelry and heirlooms with jewelry insurance.

Home insurance covers any damage sustained to the inside or outside of the home, theft of possessions, and protects homeowners from being liable if a guest is injured in their home. But for people who own valuable items, heirlooms, and expensive jewelry, will benefit from special insurance coverage. There are few things worse than flushing an uninsured wedding ring down the toilet. 

An insurance broker can help people find the correct additional coverage or add specific items to their existing home insurance. Additional coverage, also known as a jewelry floater, gets added directly to homeowners or renters insurance. This typically costs about 1 to 2 percent of the total value of the jewelry being insured—it’s a small price to pay with a big reward if the item ever gets damaged or lost. 

For example, a $5,000 diamond necklace or ring would cost around $50 per year to insure. Jewelry owners can either get reimbursed the cash value (including depreciation) or given the replacement cost if the piece of jewelry goes missing. 

Most jewelry floaters come with an additional premium so insurance brokers often offer customers discounts on the insurance plan. 

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Do You Need Jewelry Insurance?

jewelry floaters - insurance

Buying jewelry is a big deal. It’s an investment, and one that many people spend a lot of time and effort choosing, so it’s not surprising that many people want to protect their investment. That’s where jewelry insurance comes in. It’s an easy way to ensure that you are protected if anything happens to your jewelry. Whether it’s stolen, lost, or damaged, jewelry insurance covers the cost of replacement or repair.

Why You Need Jewelry Insurance

Filled with all sorts of precious and semi-precious gems, jewelry is a central part of many people’s lives. It’s what helps to personalize your look, and it is often the most valuable material possession you’ll have. That’s why it’s important to have jewelry insurance for your precious stones and metals. Expensive jewelry is the most sought-after item in home invasions and robberies. If you have precious stones and minerals, you not only need to protect them from theft but also fire and other types of natural disasters.

One of the many reasons to purchase jewelry insurance for a wedding ring is to protect your investment.

What is a Floater Policy for Jewelry?

A floater policy is a policy that covers a specific item of your choice, be it a piece of jewelry, a painting, or a musical instrument. It is important to note that a floater is a different type of insurance from a homeowners insurance policy, which covers your home and its internal contents. With a floater, the insurer will pay the full value of the item if it is lost, stolen, or destroyed. For example, the policy covers jewelry damaged by a fire or flood, and accidental loss in public areas such as in a pool drain or at a hospital facility.

Contact an agent at Prince Insurance to discuss your options for jewelry insurance and personal floater insurance.