by Guest » Fri May 05, 2006 07:55 am
You may be thinking that your homeowners insurance or renters insurance covers your engagement ring and the other jewelries that you posses. But you may be taken by surprise when you learn that your jewelry may not be fully covered. You need additional coverage to protect your jewelry. Having jewelry insurance in such a situation will help.
Your homeowners insurance or renters insurance may protect you from a loss if your jewelry gets stolen but not for any other reason. In addition, these policies also typically set a limit for certain categories including jewelry. Again renters insurance may have a lower limit for jewelry compared to home owners insurance.
Your homeowners insurance or renters insurance may protect you from a loss if your jewelry gets stolen but not for any other reason. In addition, these policies also typically set a limit for certain categories including jewelry. Again renters insurance may have a lower limit for jewelry compared to home owners insurance.
How can you purchase additional jewelry insurance?
Consult your insurance agent to get a good understanding of the coverage that you want to purchase for your jewelry. Ask him questions to satisfy your doubts. You may ask few of the following questions:
- If there is a deductible, how much is it?
- How does opting for a higher or lower deductible affect your policy?
- Do you have to get your jewelry appraised before you purchase insurance?
- Will all appraisers qualify?
- Is there a limit on location or will your jewelry be covered no matter where the loss takes place?
- If you happen to travel and during that lose your jewelry, would your policy cover?
- Will you receive full replacement costs? In that case do have to replace the item or can you settle for cash?
- Will your policy cover for repairing damaged jewelry?
What does jewelry insurance cover?
Jewelry insurance will cover your jewelry for loss due to theft or any damage to your jewelry inside your home and sometimes also while you are traveling. Travel here should also include international travel. However, you should still file a police complaint in case of any loss. If your jewelry gets damaged you can either opt to get it repaired or in a worse case scenario replaced. Your standard homeowners insurance may not have covered this.
However, you must know that jewelry insurance will not cover any new or old jewelry if you have not got it listed in the policy. As soon as you get a new piece of jewelry make sure you add it to your list to insure it.
Top 5 things to remember when buying jewelry insurance:
However, you must know that jewelry insurance will not cover any new or old jewelry if you have not got it listed in the policy. As soon as you get a new piece of jewelry make sure you add it to your list to insure it.
Top 5 things to remember when buying jewelry insurance:
- To be able to insure your jewelry fully you need to get a full description of the jewelry and maybe photographs of your jewelry would help a great deal.
- Get your jewelry appraised by an independent appraiser and list each item that you have.
- Go through your homeowners or renters insurance and see how much your jewelry is covered for.
- The rates for insuring your jewelry would differ not just from one insurance company to the other but also from one state to another.
- Compare all insurance plans before you settle for one. Check the reputation of the company you settle for and opt for the one that offers the maximum coverage at the price that you think is the best for you. Also look for flexibility.
Posted: Fri May 05, 2006 08:21 am Post Subject: Cash for replacement
hi...I have been considering the possibilities to opt for Jewelry Insurance of late….but before that I need to know the basis of settlement from the insurers' point of view…Could anyone help !
regards,
Gertrude
Posted: Fri May 05, 2006 09:17 am Post Subject: jewelry policies
According to the jewelry policies offered by most of the insurance companies, if their prospect possesses jewelry worth more than $1000 then he needs to get the items enlisted and described on the policy document. In the event that such items get stolen the insurance company would offer a payment depending on the indemnity or the replacement value of the item as per the policy norms.
More Discussions:
http://www.ampminsure.org/jewelry/
http://www.ampminsure.org/community/
Posted: Fri May 05, 2006 09:27 am Post Subject: jewelry depreciates with time...
hi...I've recently applied for a jewelry insurance program but not yet received my membership materials. But I am really at a loss since I was unaware that jewelry depreciate with time…now I'd like to know if this policy would be of any help to me at all?
Melanie
Posted: Wed May 17, 2006 05:08 am Post Subject:
My friend…its quite true that many people are still not aware of the fact that the value of jewelry reduces with the passage of time but it is on this basis that your claims will be settled. A second-hand retail value of the lost or stolen item ascertained by the age, wear and tear or the changing preferences would be depicted by the settlement . Hence its more important for you to know the exact worth of your jewelry and get it evaluated at regular intervals of time. Hence the Replacement value of the lost or stolen jewelry item is just the cost of substituting your jewelry with an item worth the same quality and specification.
regards..
Posted: Wed Feb 24, 2010 04:24 pm Post Subject: stolen of gold
today my gold was stolen form my shop. is there any insurence policy. for stolen
Posted: Wed Dec 01, 2010 03:18 pm Post Subject: jewerly
i have an appraisal of 18;600 on a ring i pay 280.00 on a separate policy i lost the diamond how much of this does the insurance cover there is no decuctible on the policy
Posted: Wed Dec 15, 2010 10:22 pm Post Subject: Re:
Insured against what risks?
1(a). Loss or damage by accident, fire, lightning, self ignition, external explosion, burglary, housebreaking or theft, malicious act. 1(b). Riot and strike; terrorism; earthquake; flood, cyclone and inundation 1(c). whilst in transit by rail, road, air, elevator, lift. Perils under 1(b) can be deleted and a discount in premium availed. 2. Liability for third party injury/death, third party property and liability to paid driver. 3. On payment of appropriate additional premium, loss/damage to electrical/electronic accessories, PA cover for drivers, insured or any named person, unnamed passengers can also be taken. 4. Certain discounts in premia are also available.
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