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Article #425: Do You Have Enough Jewelry Insurance?

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






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