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Things We Should Know About Jewelry Insurance

There are many forms of jewellery insurance policy and they come in many varieties. We should also work with insurance agent that can provide us with specific and accurate advices. It will be helpful if we are able to know more about details of the jewelry insurance. In this case, we may need to know how the whole process works. This is something that we need to know before we insure an item. It is important for us to read the fine print before we agree to coverage. There are details that we need to learn. As an example, we should know more about unscheduled and scheduled property.

Jewelry insurance policy may be provided in a separate policy or included in content insurance for higher premium. For expensive, rare jewelry; it is advisable to choose insurance company that specializes in insuring jewelry. Scheduled property will be included in the homeowner’s policies, endorsement, rider or floater. If we choose scheduled property, we should choose insurance appraisal and it’s important because the jewelry item is properly included. Insured values will be used, so the insurance company is able to determine the amount of premium that needs to be paid by client. We should know that many scheduled properties don’t include automatic adjustments for appreciation. It means that, it will cost higher to replace a jewelry 10 years after it was first purchased.

With unscheduled property, the jewelry itself isn’t actually listed. The renter’s or basic homeowner policies will be placed under the blanket coverage. We may also find components like maximum coverage amount, usually around $1500 and deductible, at around $500. However, depending on the type of policy, these amounts may actually vary. Unscheduled property only requires sales receipts, photos and written descriptions. Appraisals may not be needed and clients will only need to estimate the actual replacement value and prove that the items exist.

If we fail a claim for the insurance policy; the amount paid and the settlement process could depend on our policy. In this case, we should make sure that the policy allows agreed or replacement value settlement. If we get the agreed value policies, the settlement should be stated clearly in the policy. For replacement value, the insurance company should clearly states that the jewelry itself will be replaced with something similar or a cash settlement will be made.

When applying for jewelry insurance, we should make sure that the information is detailed and clear. This will allow the insurance company to replace the jewelry with something that matches the detailed description. It means that the insured client will get a replacement that has identical true value and quality of the lost item. Even if the appraisal value is lower than the actual value, client will still be able to obtain much of the monetary value of the value item. It is still better than losing the jewelry completely.