Floater insurance is essential for items that can become stolen or damaged. Jewelry is a specific piece of personal property that floater insurance covers. Generally, homeowner’s policies cover jewelry due to vandalism, theft, weather and fire. This is great! However, most policies have a general low coverage limit of about $1,500.
Homeowners that own a large amount of valuable jewelry will certainly possess a collection worth more than $1,500. This is where floater insurance will become beneficial. If you have an expensive collection of jewelry you should protect it with floaters insurance. However, you need to take one important step before purchasing floater insurance. You need to get each piece of jewelry in your collection professionally appraised.
The process of scheduling the individual pieces of jewelry may cost more in premiums. However, it offers protection such as dropping your ring down the drain and accidental loss. Homeowners policies don’t cover this type of loss.
Homeowners often think they don’t need floaters insurance until a valuable piece of jewelry is lost or stolen. The financial loss can be traumatic, but the sentimental loss can way even heavier.
Have you inherited jewelry from your family? Do you have pieces of jewelry that were given to you as a gift from someone that is no longer alive? These specific pieces of jewelry are priceless and irreplaceable. Floaters insurance will cover the financial value, but the sentimental value is something completely different.
Inherited jewelry is often one of a kind or pieces that aren’t made anymore. These spectacular pieces are worth more than money. If you can’t even think about losing your jewelry, there is something you can do to help. First, get floaters insurance so you can have peace of mind on the financial side. Next, invest in a security safe for your home. Have it installed so that the safe can’t be easily moved or carried out the door by a burglar. Then take pictures of each individual piece of jewelry and keep it in the safe.
If any of the jewelry is stolen or lost, you can use the money you receive from the floater’s insurance to have the piece specially made by a professional jeweler. This is one of the safest ways to protect your valuable and sentimental jewelry.
If you have jewelry you truly care about but are afraid one day it will be lost or stolen, take action today by getting floaters insurance.
