| Jewelry insurance comes in many forms and
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| | replace your jewelry or make a cash
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| varieties and only an insurance agent can
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| | settlement based on the insurance
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| provide accurate and specific advice.
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| | company's cost to replace your item. The
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| However, it helps to know enough about
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| | insurance company's liability ceiling is
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| jewelry insurance to ask your agent the
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| | set at the "insured value" on the
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| right questions and to be aware of how
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| | appraisal.
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| the process works. The time to ask your
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| | Do you have enough jewelry insurance?
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| insurance agent the questions is before
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| | The answer depends on what kind of policy
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| you insure an item, not when you need to
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| | you have, the "insured value" is on the
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| file a claim. Read the fine print in
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| | appraisal, the settlement procedure is
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| your insurance contract to be sure it
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| | for your particular policy, and the
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| provides the coverage you expect.
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| | accuracy of the information on your
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| Understanding jewelry insurance begins
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| | appraisal. If you have a jewelry item
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| with recognizing the difference between
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| | valued at more than the $1500, you should
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| scheduled and unscheduled property.
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| | definitely consider scheduled as opposed
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| Unscheduled property (jewelry not
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| | to unscheduled coverage.
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| specifically listed) is typically
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| | The critical issue for scheduled property
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| included in basic homeowner or renter's
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| | coverage is the how accurate is the
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| policies under blanket coverage. There
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| | information on the appraisal.
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| is a usually a deductible (typically
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| | 1) If the information on the appraisal is
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| $500) and a maximum amount of coverage
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| | vague and general, the insurance company
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| (typically $1500) although these amounts
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| | can replace the item with an item that
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| can vary with the specific policy. This
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| | satisfies the description but perhaps is
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| type of coverage does not require an
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| | not the quality and true value of the
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| appraisal but sales receipts, written
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| | lost item. Be sure your jewelry
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| descriptions or photos are beneficial in
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| | appraisal has a detailed and accurate
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| proving the items existed and estimating
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| | description of the jewelry item.
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| their replacement value.
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| | 2) If the appraisal value is artificially
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| Scheduled property (jewelry specifically
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| | high, the insurance company can replace
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| listed) is included in a floater, rider
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| | the item at their cost even though the
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| or endorsement to homeowner or renter's
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| | client paid premiums for years on a value
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| policies. Jewelry insurance is also
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| | twice as much. This is often the case
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| available with a separate policy, from a
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| | for purchases from a jewelry store with
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| company specializing in jewelry
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| | prices double other retailers and the
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| insurance. For scheduled property, the
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| | store provides an insurance appraisal
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| insurance appraisal is vital because it
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| | even higher than the purchase price. You
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| describes the jewelry item and provides
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| | do not need an appraised value more than
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| the "insured value" that is used in
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| | 150% of the price you would pay at low
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| determining the premium you will pay to
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| | priced online retailer.
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| insure the item each year. Most
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| | 3) If the appraisal value is too low, the
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| scheduled property policies do not have
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| | insurance company can make cash
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| an automatic appreciation adjustment as
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| | settlement that might not cover the
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| is common for the house and other
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| | current replacement cost of the item.
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| unscheduled property. Therefore, even if
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| | This could be the case for items
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| it might cost 50% more to replace an item
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| | purchased three or four years ago from a
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| in five years, the "insured value" is
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| | low price online retailer and the
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| still only that stated in the appraisal.
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| | appraised value was at or below the
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| If you file an insurance claim, the
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| | purchase price. With diamond prices
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| settlement process and amount paid will
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| | increasing about 10% a year recently, it
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| depend on the policy and in particular,
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| | does not take long for appraisal values
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| if the policy allows replacement or
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| | to be out of date if too close to online
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| agreed value settlement. For agreed
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| | retail purchase prices. Be sure to have
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| value policies, the settlement amount is
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| | your jewelry insurance appraisal updated
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| stated in the policy whereas replacement
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| | every four or five years so you do not
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| value allows the insurance company to
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| | end up underinsured.
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