Personal Jewelry Insurance vs.  homeowners coverage
How is The Insurance Marketplace's Personal Jewelry Insurance policy different from a homeowners or renters insurance policy?
Detailed descriptions help provide proper insurance
The personal jewelry you insure with The Insurance Marketplace is scheduled, which means a complete description and value of each item is listed on your policy. In the event of a loss, we rely on these precise details to replace or repair lost or damaged items with like kind and quality. Furthermore, the scheduled information will help ease the processing of a claim.
You're not required to schedule jewelry on a homeowners or renters insurance policy. If you don't schedule your jewelry and it's stolen, the policy limit for that item may be as little as $1,000, and you're likely to pay a deductible if a loss occurs. We insure your jewelry for its appraised value, and no deductible is applied, unless you choose to have one.
Comprehensive protection
We provide loss, theft and damage protection. Some homeowners policies are limited in coverage. For example, theft may be covered, but losing a stone in a ring is not.
Regular inspections maintain jewelry, adequate insurance
Unlike other insurance companies, we require regular inspections of your insured items. A jeweler will inspect your jewelry for damage and normal wear and tear such as loose stones, faulty clasps and worn prongs. The jeweler will also update values, if necessary. Some jewelry values increase over brief periods of time, so a regular inspection is important for maintaining current values and preventing potential losses. In addition, the inspection is a great opportunity to have your jewelry cleaned.
If values aren't updated, it's possible the values will change, and your jewelry won't be adequately insured. Homeowners insurance doesn't require routine visits to your jeweler to have insured items inspected and values updated. Thus, your jewelry could be underinsured and, if you lose one of the items, you may have to pay a portion of the cost to have it properly replaced. Regular inspections also help to reduce losses and keep premiums down.
Return to your jeweler for repair or replacement work
With our Personal Jewelry Insurance, if an insured item needs to be repaired or replaced, you deal with the jeweler who appraised your jewelry and performs your inspections. Other insurance companies may require you to go to a stranger for jewelry repair or replacement because that is the source they negotiated a contract with, based on price.
|
