Insuring Engagement Rings and Other Fine Jewelry
It may surprise some people to know that your renter's or homeowners policy usually does not offer full coverage on your fine jewelry or your engagement ring. A typical jewelry insurance policy probably covers theft, but not loss or damage that may occur for other reasons that are not clear in your policy.
As a rule of thumb make sure that you carefully read your insurance policy or go off a recommendation from the professional staff at Jones & Son.
Typical Insurance Policies
It is wise to read your insurance policy carefully when you are getting a new policy on a diamond. Ask the agent what is their experience with jewelry insurance and what does the company do in the event of a loss. By reading your policy carefully and asking your insurance agent the right questions you will be better safeguarded in the event of an unforeseen accident. Make sure that your agent specifically clarifies the types of losses that are covered on your standard policy.
Most policies set a limit for the specific loss amounts in certain categories especially jewelry. If you have or a insurance policy and have been told that you are covered in the event of a loss or theft check again. Check with your insurance agent or insurance provider if you have a question because as a general rule your homeowner's policies will almost typically pay a maximum of $1,000-$2,500 for jewelry theft. However, there is a lower limit for jewelry loss with insurance and $500 is the common figure throughout the United States.
Call Jewelers Mutual Insurance today at 888.884.2424