Holiday Jewelry Needs an Insurance Policy
The halls are decked, and the malls are packed. The season of giving is upon us, and for many there is a holiday surprise in store for someone special. If you are one of the many Americans who have purchased jewelry to gift your significant other this Christmas, don’t forget to safeguard your purchase after you bring it home. Jewelry should be insured through a specific insurance policy or floater to guarantee that it is protected from any unforeseen incident.
What about your homeowner’s insurance… Won’t that cover Jewelry? The assumption that homeowner’s insurance will cover your jewelry is a common misconception. While most homeowner’s insurance policies provide coverage for personal property, jewelry is considered high-value property, so coverage from your homeowner’s policy is limited to $1,000 - $2,000 by most insurance carriers. In addition to the low coverage limit for jewelry, the homeowner’s policy will only provide that limited coverage amount if the damage to your valuable item fits certain criteria. If your precious stone is lost or falls down the sink drain, there would be no coverage on your homeowner’s policy at all because those causes of loss are not considered covered perils.
Fear not, there is relief when it comes to ensuring your valuable jewelry is protected. The best way to accomplish this is to obtain an inland marine jewelry floater, or a stand-alone jewelry policy. Jewelry protection insurance is a separate insurance policy meant especially for insuring jewelry. Like scheduling your jewelry with a floater, jewelry protection insurance covers your jewelry beyond the common perils and can even provide reimbursement if your jewelry is lost or mysteriously disappears.
Inland marine jewelry floaters and jewelry protection insurance policies specifically list each item that coverage is provided for on the policy and they require an appraisal to determine the true value of these items. The appraisal value of your covered items determines the premium for these policies which are widely considered to be an affordable safety net covering your investment. Contact your Moore Resources Insurance professional to obtain a quote for your new Jewelry, and unwrap piece of mind this holiday season knowing your gift is covered from the unexpected.
Moore Resources is an Independent Insurance Agency located in St. Petersburg, FL and offering Homeowners Insurance, Auto Insurance, Personal Insurance and Business Insurance. Our reach extends beyond the Tampa Bay area to the entire state of Florida. Moore Resources has regionally been dedicated to serving the local residents of Pinellas, Hillsborough, Polk, Pasco, Manatee and Sarasota counties; including St. Pete, Tampa, Clearwater, Bradenton, Brandon, Dunedin, Gulfport, Lakeland, Largo, Lutz, Palm Harbor, Pinellas Park, Riverview, Ruskin, Seffner, Seminole, Temple Terrace, Tierra Verde, Town n Country, and the Gulf Coast Beaches.
The purpose of this blog is to present general information only. It does not interpret specific policies or coverage. In order to obtain detailed information regarding your insurance, contact a licensed insurance agent.