Low Cost All Risk Jewelry Insurance

The usual type of personal jewelry insurance coverage is replacement value insurance. The insurance company will only pay up to a fixed amount to replace the diamond or jewelry that was stolen or broken beyond repair. This does not mean that they will pay the full policy amount ,it means that they will pay or replace up to the coverage limit. In most cases, this will be under the the face value listed on the policy.

Your rates will be determined by the value of the jewelry, the type of policy that you want, and the area that you live in. If you reside in an area with a high crime rate, you can expect to pay more for your jewelry insurance coverage. It is important to remember that insurance agents are not qualified jewelers .It is best to get an appraisal and photo for your jewelry, and to provide the insurance company with a copy.For example if you are covering a platinum wedding band make sure to list the weight, width and thickness. This leaves the insurance company less room for arguments verses the true replacement value .

Most home owners and renters policy will have very low limits and not cover high value fine jewelry. $500.00 seems like the average for normal policies. You should have all risk insurance that is available by adding a special ryder to your existing policy.

Many people prefer to purchase an separate policy so a claim does not increase their home owners price.Companies like Jewelers Mutual cover both jewelry stores and consumers with specific low cost jewelry policies. Other well known names include Chubb Insurance which I know has been around for many years .

The bottom line is if you buy an expensive engagement ring or wedding band get insurance coverage. Buying insurance gets pushed aside when you are paying for other wedding items. Many couples plan destination weddings and spend hours searching for a qualified wedding photographer but spending a few minutes to buy coverage for her new platinum wedding bands is overlooked. Many couples go the the lake or beach for their honeymoon and have the ring lost in the ocean or it get stolen from the hotel room. Many policies cost less than $50.00 per year to protect you while at home or away.

The writer has been involved in both the replacement and sale of platinum wedding bands for many years and is currently a San Antonio Wedding Photographer. The writer hasseen up closethe problems the lack of appraisals and the lack of insurance can cause after a jewelry theft.

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