If you have been looking for a way to protect your jewelry under insurance coverage, a jewelry floater is the best option. This is an additional insurance coverage tailored to protect valuable jewelry financially. This floater is most times bought with other types of insurance. These insurance policies include renters’ and homeowners’ insurance. Generally, homeowners and renters insurance covers all your possessions, including your jewelry, but with a jewelry floater, you can increase this coverage, making it best for your jewelry collection.
However, it covers the financial loss of a policyholder’s jewelry if it ever gets stolen or damaged. While homeowners’ and renters’ insurance covers your collections, it is a more considerable option for those with high-value jewelry possessions. This is because if ever the jewelry gets stolen, this coverage will pay more toward the jewelry value than a home insurance policy would.
Policyholders frequently receive a legal judgment for the value of their jewels with a floater. Apart from all of these, there are several advantages to getting a jewelry floater, and this write-up includes all the information you need to know about it.
What a Jewelry Floater Covers
It covers many events, just like any other floater. Compared to home insurance, it covers a wider range of jewelry damage claims. Some of these events include
- Theft.
- Accidental loss.
- Damage to the jewelry.
Any damage relating to any of these events is covered by this insurance floater. However, while we have this, any damage due to negligence will not be covered by this floater; instead, the policyholder will have to pay out of pocket for the damages.
How Much Does It Cost?
The annual cost of a jewelry floater is from 1% to 2% of the item’s value. For instance, if you have jewelry worth $12,000, this coverage would cost $120 yearly. Depending on the value of the jewelry, the coverage cost is determined.
Should I get a jewelry floater?
If you have a high-value jewelry collection, getting a jewelry floater is worth it. This is because it provides greater value protection for the jewels than your house insurance would. However, in cases where you have little to no jewelry in your possession, it is better to keep them insured in your homeowners or renters insurance policy.
Is a Jewelry Floater Worth It?
There are some cases where getting a jewelry floater may be required. As previously stated, if you own a notable number of high-value jewelry, this coverage is worth getting. Most homeowners’ and renters’ insurance policies come with jewelry coverage ranging from $1,500 to $2,500. Also, your home insurance policy may limit its coverage after paying off damages after theft or loss. Your insurance company will provide reimbursement for missing jewelry or replace it with an identical one.
Does homeowners or renters insurance cover stolen jewelry?
Homeowners’ or renters’ insurance policies cover stolen jewelry, but only up to a certain limit stated in the policy. It does not pay the exact value of the jewelry; instead, it offers the same coverage as every other item in the home. For this reason, getting a floater is advised. A jewelry floater increases this coverage and pays off the value of the jewelry more than your home insurance policy would.
How to Get a Jewelry Floater
It is obtained as extra coverage on your home insurance policy, just like any other insurance floater. To get a jewelry floater, you need to follow the below steps:
Select the Right Homeowners or Renters Insurance Company
If your homeowners or renters insurance provider offers this floater, you can proceed with the application steps. However, if they don’t, it is advisable to find the right provider that offers this type of coverage.
Take the Right Introductory Course
Create an appraisal by gathering photographic and videographic evidence of your jewelry.
Apply for a Jewelry Floater
After carrying out the above steps fully, proceed with the application for a jewelry floater. During this process, you will be required to submit all necessary documentation and information concerning your jewelry collection. However, your insurance provider may request details about how and where your jewelry is stored and worn.
Can I get a jewelry floater for jewelry I give as a gift?
When you give jewelry as a gift to someone, it becomes that person’s own and is covered by their jewelry policy. Giving this gift now means you no longer own it, and your jewelry floater will not cover it unless your insurance policy allows coverage for it. To keep the gift insured, you can ask your insurer about how you can make that possible.