Low Cost All Risk Jewelry Insurance
For high value jewelry, replacement value insurance is what most companies offer. The insurance company will only pay up to a fixed amount to replace the diamond or jewelry that was stolen or broken beyond repair. Most prefer to replace the jewelry under the policy in place of paying the listed value. In most cases, this will cost the insurer less than the the face value listed on the policy.
Your rates will be determined by the value of the jewelry, the type of policy that you want, and the area that you live in. If you reside in an area with a high crime rate, you can expect to pay more for your jewelry insurance coverage. It is important to remember that insurance agents are not qualified jewelers .It is best to get an appraisal and photo for your jewelry, and to provide the insurance company with a copy.For example if you are covering a platinum wedding band make sure to list the weight, width and thickness. This leaves the insurance company less room for arguments verses the true replacement value .
Don’t rely on a house insurance or renters policy to cover your higher value jewelry. Most policies limit coverage to under $500.00 and also limit the coverage to theft while at home. You need to look into buying an additional rider that provides full value coverage for loss, theft and damage. The yearly fee can be a lot less than you may think.
If you feel more secure with a separate policy so you don’t have to make a claim against your home owners ( force a rate increase) you may look into independent insurance coverage. Companies like Jewelers Mutual cover both jewelry stores and consumers with specific low cost jewelry policies. Other well known names include Chubb Insurance which I know has been around for many years .
Many couples plan destination weddings and spend hours searching for a qualified wedding photographer but spending a few minutes to buy coverage for her new platinum wedding bands is overlooked. Yhis can be a very costly mistake.Many couples go the the lake or beach for their honeymoon and have the ring lost or stolen from the hotel room. Many policies cost less than $50.00 per year to protect you while at home or away.
The writer is not an insurance expert but has been involvedin the sale of platinum wedding bands for many years and is currently a San Antonio Wedding Photographer. He has seen first hand the problems the lack of appraisals and the lack of insurance can cause after a jewelry theft or loss.
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