Middendorf Insurance - News
Holiday Jewelry
With the holidays approaching there will probably be some new sparkling jewelry gifts arriving in many households. You may be surprised to learn that your home insurance policy does not offer automatic replacement coverage for your valuable fine jewelry like other personal property.
With the holidays approaching there will probably be some new sparkling jewelry gifts arriving in many households. You may be surprised to learn that your home insurance policy does not offer automatic replacement coverage for your valuable fine jewelry like other personal property. The typical home policy pays a maximum of $1,000 for theft of jewelry without the item being scheduled on a specific inland marine (jewelry) floater.
You can normally purchase this extra coverage for approximately $8-$10 for each $1000 worth of coverage desired. The floater coverage usually does not contain a deductible and coverage is much broader than just theft. Lost or damaged items can be claimed when scheduled. In most cases a recent appraisal will be needed to determine the value to insure the item. Coverage can be purchased on an actual cost value or agreed value with many companies.
If you already have items on a jewelry floater, keep in mind the price of gold and precious metals has changed over time. It is highly recommended that you update your appraisals on a regular basis so if a loss occurs, proper coverage is in place to make the claim settlement a smooth process.
Contact us at Middendorf Insurance to discuss your possible coverage needs or changes in this coverage area soon.