If you were to speak to the average person and ask them what they knew about jewelry insurance, most would say that it was expensive and only for someone who has a large collection of fine jewelry. They might be surprised to discover that jewelry insurance is actually quite affordable and that the average policy covers much more than just theft.
One of the number one reasons why most Massachusetts homeowners say that they don’t get jewelry insurance is that they already have a homeowners insurance policy. However, a typical homeowners policy limits coverage of jewelry to just $1,000-2000 per household and it is only covered in cases of theft. So the argument of already having a homeowners insurance policy as a reason for not looking into jewelry insurance just isn’t valid.
Getting Started: Questions You Need to Ask Your Insurance Agent
When it comes time to purchase your jewelry insurance from your Fall River insurance agent, it is important to ask a lot of questions about the amount of insurance you need and what the policy covers. You will also want to know about deductibles, monthly rates and how replacement of your insured property would be made.
Here are some questions to help get you started so you can purchase the best policy to cover your needs:
How Much Jewelry Insurance Do I Need?
The amount of jewelry insurance that you need will depend upon the actual value of your jewelry. It is important to obtain an up-to-date appraisal of your jewelry on a regular basis. The cost for the premium will also vary depending on where you live. Massachusetts homeowners would pay a different amount than insured parties in other states, so it is important to get an accurate quote from your Fall River insurance agent.
What Does a Jewelry Insurance Policy Cover?
In addition to covering Massachusetts homeowners in the event of theft, most jewelry insurance policies will also cover you against lost jewelry, accidental damage and fire. As about an “all risks” policy that wil cover you regardless of what happens to your property. Think of your jewelry insurance as being in addition to your basic homeowners insurance policy to expand your coverage.
What About Deductibles?
Like other types of Massachusetts homeowners insurance, you can lower your monthly jewelry insurance rate depending on the amount of the deductible that you choose. The deductible is the amount of money that you would have to pay out of pocket to repair or replace the claimed item. A general reduction would be applied based on deductibles of $100, $500, $1000 or more, depending on the value of the insured property.
How Will Replacement Be Made?
Speak with your Fall River insurance agent about how replacement of your jewelry would be made. In most situations, Massachusetts homeowners would be referred directly to a jeweler who would replace the insured item and then bill the insurance company direct. This is similar to how a contractor might work directly with the insured party and the insurance company with a claim for auto insurance or a homeowners insurance policy. Some companies would directly with their own jewelers, so it is important to know how it would potentially work if you filed a claim.
Where to Get Jewelry Insurance
You can purchase a jewelry insurance policy direct from your Fall River insurance agent. In some cases your policy can be purchased as a rider that is attached to your current homeowners insurance policy. Many Massachusetts homeowners prefer this method as it keeps everything all together under one primary policy. However, you do want to make sure that you keep your jewelry appraisals and information updated regularly to ensure that you are properly compensated if anything were to happen to your property.
Sullivan Insurance in Fall River specializes in jewelry insurance as part of their personal insurance policy program. Speak with your Fall River insurance agent to find out more about the types of policies offered, what you would need to do to get one started and how much it will cost you each month. Get the peace of mind that comes from knowing that your valuable jewelry is protected so you can wear it without worry. Speak with Sullivan Insurance and find out how you can protect your jewelry today.