The beginning of February is one of the most popular times of the year for jewelry shopping, and of course Valentine’s Day is a popular holiday for jewelry gifting. Whether it’s a new set of earrings, a beautiful diamond pendant or the ultimate Valentine’s Day surprise – an engagement ring – these luxury gifts also carry a bit of risk with them. Tucked “safely” away at home, jewelry is at risk of theft by burglary – an event that occurs every 13 seconds in the United States, according to recent FBI statistics. Jewelry is meant to be worn of course, but that also puts it at risk of being lost or damaged.
It can be devastating when a beautiful and meaningful piece of jewelry disappears or is damaged so badly that it can’t be worn anymore. While standard home insurance policies and renters insurance policies may offer some coverage for jewelry, this type of coverage is subject to limits of around $1,500 total.
Jewelry insurance is a type of specialized insurance that can offer higher policy limits and comprehensive coverage customized to fit the client’s unique needs. There are a couple of options for your clients to consider when looking to insure their jewelry collection.
Specialized Jewelry Insurance
In our programs, we offer jewelry insurance as a stand-alone policy that can be purchased with varying coverage options and limits. This type of insurance is attractive to buyers because it covers the items listed in the policy with very few exclusions, and coverage follows the jewelry anywhere in the world. One down side, however, is that specialized jewelry insurance can be on the pricier side, as it is a stand-alone policy rather than an add-on to an existing insurance policy.
Personal Articles Floaters
A personal articles floater or personal articles policy is a type of inland marine insurance policy that can be tailored to provide coverage for any high-value items that exceed the limits of the owner’s home insurance policy. While it is technically a stand-alone coverage, it can usually be bundled together with the policyholder’s home insurance premium. A personal articles floater can be use to provide coverage for one or more jewelry items and policy limits can range anywhere from $5000 to $50,000, or higher if needed.
In order to procure proper coverage from either type of insurance policy, a recent appraisal for each item is necessary. In the case of brand new jewelry, proof of purchase may suffice, but an appraisal is definitely better option, as it can provide more of a detailed description of each item and help the policyholder get an accurate replacement or repair amount if they have to file a claim.
Formed in 2013, AmSuisse, Inc. has quickly distinguished itself as a wholesale operation that specializes in working very closely with our agents and broker partners to develop responsive, individualized service for each client. Our unparalleled writing support, industry-specific expertise, marketing support, responsive proposals and quotes, strong customer service, and strong relationships with our carrier partners have all helped us to provide the best possible coverage for our clients. To learn more about our available coverage, contact us today at (800) 485-0229 to speak with one of our representatives.