Jewelry Insurance Coverage

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wertdaman
Posts: 11
Joined: Fri May 01, 2015 11:17 am

Jewelry Insurance Coverage

Post by wertdaman » Tue Jun 19, 2018 7:14 am

What are opinions on jewelry insurance coverage? We currently have significant pieces covered by a rider on our homeowners policy. I recently learned about inland marine policies for covering jewelry and am curious the practical pros and cons between these two options.

ResearchMed
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Joined: Fri Dec 26, 2008 11:25 pm

Re: Jewelry Insurance Coverage

Post by ResearchMed » Tue Jun 19, 2018 7:22 am

wertdaman wrote:
Tue Jun 19, 2018 7:14 am
What are opinions on jewelry insurance coverage? We currently have significant pieces covered by a rider on our homeowners policy. I recently learned about inland marine policies for covering jewelry and am curious the practical pros and cons between these two options.
You'll have to tell us the *terms* of the policies to be compared.

Otherwise, we can't know the pros/cons.

The type of coverage we have for important jewelry might be quite different from what you have.
Ours is a Valuable Items type of add-on, covering "all losses" at full value, no deductible, check to be issued or help replacing, our choice.
(For example, with one claim, when one of a pair of diamond stud earrings was lost, they suggested - left it our choice - that we send them the remaining earring, and they'd pay us the full insured value, as it wouldn't be easy to get a good match, etc. That's what we did.)

RM
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msi
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Re: Jewelry Insurance Coverage

Post by msi » Thu Jun 21, 2018 11:17 pm

We're using Jewelers Mutual. Lavalier is another one who writes jewelry insurance policies.

One downside of having it on your homeowner's policy is if you do need to make a claim, your home insurance premiums are probably going up. It's worth getting quotes for a homeowner's rider and from the jewelry insurance companies to see what makes the most sense.

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Pajamas
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Re: Jewelry Insurance Coverage

Post by Pajamas » Thu Jun 21, 2018 11:20 pm

Would you actually replace the jewelry if it were lost or stolen or whatever? If not, don't pay to insure it.

wertdaman
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Re: Jewelry Insurance Coverage

Post by wertdaman » Fri Jun 22, 2018 4:09 am

ResearchMed - Thank for the note on your own coverage and prompting to focus on the coverage more so than the name of the policy. We had some concern about coverage limitations as a homeowners policy rider, but reviewing the details of that policy it matches what we want - worldwide coverage for any physical loss or damage with the only exclusions being losses caused by wear & tear, insects & vermin, war, and nuclear ​weapon discharge.

MSI - No impact on our homeowners premium for claims against our scheduled property coverage, but thanks for the references to other companies for jewelry specific insurance. I will definitely follow up with quotes from others to see if we can save on the premium.

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