Florida jewelry insurance is a smart investment for your valuable pieces of jewelry. Do you know that many Florida homeowner’s insurance policies have a limitation on the amount of coverage if your jewelry is stolen?
Many of us have gained engagement rings, expensive watches, wedding rings, necklaces, earrings, etc. These can be very valuable and often exceed the standard limits of coverage on a home policy. Many times, small differences in things like the 4 C’s can have dramatic differences in values.
Home insurance is rising so fast and people are having to re-shop with other carriers to make sure they can keep affordable coverage. Jewelry coverage is one of the coverages that is often overlooked in these changes.
In this article, we will be looking at standard coverage on a home policy, additional coverage options on a home policy, and a stand-alone jewelry policy.
Florida Jewelry Insurance – Limitations on Standard Homeowner’s Insurance
Most standard homeowner’s policies
- Limit jewelry coverage to $1000 or $1500 for losses from theft.
- Same perils as personal property on the policy.
- Mysterious disappearance usually isn’t covered.
- Subject to policy deductible.
- Claims will show on your homeowner’s claim history.
How to Get Florida Jewelry Insurance
There are several ways to get additional coverage, so that you are properly covered if something happens to your jewelry.
Homeowner’s – Increasing Coverage
Many companies offer coverage packages that increase the jewelry limits, although there is usually still a lower per item maximum. This still has the limitations above for what is covered, deductible, etc. The only difference is the total jewelry coverage is increased.
Homeowner’s – Scheduled Personal Property Endorsement (Personal Article Floater)
Some insurance carriers allow you to list scheduled items for specific coverage. This will usually:
- Cover the item for its appraised value.
- Broader coverage.
- Mysterious disappearance is usually covered.
- Not subject to policy deductible.
- Claims will still show on your homeowner’s claim history.
Stand-Alone Jewelry Policy
Stand-alone jewelry policies are offered by companies that specialize in jewelry coverage. They are often similar to the schedule property endorsements, but may be even broader.
Benefits of Stand-Alone Jewelry Insurance
- Cover the item for its appraised value.
- Broader coverage.
- Mysterious disappearance is usually covered.
- Jewelry specific deductibles.
- Claims will not show on your homeowner’s claim history.
The last point can be a big benefit right now, as it won’t impact your current policy. Also, it won’t show up on your claims history when the reports are reviewed.
Florida Jewelry Insurance – Conclusion
Stand-alone jewelry insurance can offer broader coverage and not show any claims on your home claim history. These policies are usually very affordable for the amount of coverage that they provide. There are other options for expanded jewelry coverage versus your basic homeowner’s coverages.
If you haven’t reviewed your jewelry coverage, give our team at Think Safe Insurance a call at 813-425-1626 or you can request a quote online. Our team will be happy to discuss the coverage options, answer any questions, and see what coverage will be right for you.
Check out our services for any other insurance needs you may have.