Tips On Buying Jewelry Insurance

Types of Jewelry Insurance

First, you should understand the two basic types: Scheduled and Unscheduled property.

Unscheduled property is usually included in basic homeowners or renter's policies under blanket coverage. Typically, there is a deductible and a maximum amount of coverage. The specific amounts for each will vary with each individual policy. Generally, this type of coverage does not require an appraisal but sales receipts or photos can aid in proving the items existed and estimating their replacement value.

Scheduled property are individually appraised items, and the values are objectively set. With this "insured value" the premium is determined. Most scheduled property policies don't have an automatic appreciation adjustment, and the "insured value" will remain the same over the years.

Which Company Is Right For Me?

Most jewelry insurance is included in a basic homeowners policy, but you can also go with a stand alone jewelry insurance company as well, free of any "riders" or "add-ons." For the best coverage and premiums, remember that there are more companies out there than the huge ubitquitous ones. Many times smaller, boutique companies may be able to work more closely with you to provide better services and deals. Pure Insurance is a good example of a smaller insurance company that offers great flexibility and rates you may not be able to find with a larger company. Jewelry insurance through Pure works to offer more security and freedom to the insurer. For instance, coverage types can be combined(scheduled and blanket), the insurer has up to 90 days to inform the company of a loss, and in the event of a total loss they provide market value of up to 150% of the item's scheduled amount, or 25% of the blanket amount.

Tips for Saving Money

Here are some general rules of thumb for discounts:

Have photos of your jewelry items. This is important as it is then possible to recreate the item on the basis of a good photograph.

Appraise the jewelry on a regular basis.

Keep the jewelry in a safe, or have a good security system installed in your home
. This may make you eligible for premium discounts.

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