Protection You Deserve
Have you ever considered purchasing jewelry insurance in Spokane, WA? Jewelry policies are designed to financially protect you if something happens to your expensive jewelry, and the limits are much higher than you might find in your homeowners or renters insurance policies. Let’s take a look at what jewelry insurance includes and how you can get a policy.
Jewelry Insurance Coverage in Spokane, WA
Jewelry insurance is a special type of insurance that helps pay for the replacement of valuable jewelry. This includes engagement and wedding rings, as well as other types of rings with precious metals and gems, like signet rings, state rings and family crest or heirloom rings. These policies are designed to cover bracelets, brooches, necklaces, earrings, watches, statement pieces, anklets and body jewelry. Jewelry policies can also help financially protect pearl, diamond, gold and silver jewelry collections.
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Jewelry insurance helps protect policyholders from:
- Theft
- Damage
- Mysterious disappearances
- Loss or damage due to severe weather, including natural disasters
Jewelry insurance policies are extremely robust. Most scenarios are covered except those that are expressly excluded.
New Jewelry Coverage
Most jewelry insurance policies cover new jewelry from the moment you purchase it. However, it’s typically limited coverage until you have time to officially add the piece to your policy.
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What Isn’t Covered by Jewelry Insurance
The exclusions typically depend on the carrier. Here at Boyd Insurance Brokerage Inc., we have access to jewelry insurance policies from multiple carriers, which means we can help find the right policy with the right inclusions and exclusions for your needs. With that being said, most jewelry insurance policies do not cover:
- Intentional damage
- Damage from lack of preventative maintenance
- Intentional loss
- Defects from the manufacturer
- Damage caused by war
- Damage caused by nuclear events
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Does Homeowners or Renters Insurance Cover Jewelry?
If you haven’t considered purchasing a separate jewelry policy, it’s probably because you believe that your homeowners insurance or renters insurance policy will fully cover your jewelry if it is stolen, lost or damaged. The truth is that homeowners insurance and renters insurance policies do provide a limited amount of jewelry coverage, but those limits may not cover the cost of replacing or repairing your fine jewelry if it were damaged or destroyed by a covered event, which brings us to the second point.
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Your homeowners or renters insurance policies would only cover the repair or replacement of your jewelry if it’s damaged by a covered event. For example, this usually means that your home and the jewelry would have to be damaged by a fire or covered weather event, or someone would have to break into your home and steal your jewelry.
- Homeowners Insurance for Jewelry Coverage – Homeowners insurance does provide some coverage for fine jewelry. However, the limits usually range from $500 to $2,500. Unfortunately, this isn’t even enough to cover the average cost of one engagement ring, which is $5,500, according to Fidelity.
- Renters Insurance for Jewelry Coverage – Renters insurance typically covers jewelry for the same amounts as a standard homeowners insurance policy.
Understanding Jewelry Insurance Policy Limits in Spokane
Jewelry insurance policies have higher limits than those in renters and home insurance policies. For example, some jewelry policies offer limits as high as $50,000 for a single piece of jewelry, and in special cases, you might be able to get a single piece of jewelry insured for up to three times that amount.
The Average Cost of Jewelry Insurance
You can expect to pay somewhere between 1 and 2 percent of the value of your jewelry. For example, if you insure $100,000 worth of jewelry, you could expect to pay between $100 and $200 a year for your policy.
Understanding Jewelry Insurance Deductibles
Jewelry insurance typically comes with a deductible. This is the amount of money that you’d pay if your jewelry were damaged or destroyed. If you’re looking to make your jewelry insurance premiums extremely affordable, you should choose a higher deductible. If you don’t mind paying a little more for your premiums, you can choose a lower deductible, and some policies even allow jewelry owners to choose a $0 deductible.
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Why You Should Consider a Jewelry Insurance Policy
Anyone who owns an expensive piece of jewelry should consider a separate jewelry policy. Just imagine losing your engagement ring at the beach or while you’re out on a walk. It would be nearly impossible to locate your ring in those scenarios. You could also lose it down the drain or damage the stones while washing dishes or cleaning your home. When you have a jewelry insurance policy, these scenarios are often covered by your policy.
Getting Affordable Jewelry Insurance with Boyd Insurance Brokerage Inc. in Spokane
If you’re looking for an affordable jewelry insurance policy, we can help you at Boyd Insurance Brokerage Inc. Our agents have the ability to look through the jewelry insurance policies of many different carriers in order to find the right policy for your needs. We can even find jewelry insurance policies for “all-risk”, meaning that the damage or destruction of your jewelry is covered unless the event is expressly excluded.
To find out more, give us a call today at 509-340-2693. We offer free jewelry insurance quotes.
