Is there a benefit of having a standalone jewelry policy versus putting your jewelry on your homeowner’s policy? There are reasons to believe that keeping your jewelry off your homeowner’s policy will be better for you in the long-run if this worse-case scenario were to occur.
Think about your jewelry as an item in your home, if something where to happen to it, that means it would count as a homeowner’s loss. Any claims on your homeowner’s policy are never a good thing and can affect your policy in a negative way. It can be hard to get your homeowner’s policy back to the rate it was initially at once a jewelry loss is put on your policy. There can also be limitations on the homeowner’s policy that will have the jewelry claim hit capacity and it cannot be restored to what you originally paid for it. There are also a lot of carriers that do not support the higher-valued jewelry, which again means that there may be a problem when trying to get the exact money you paid for your item back to full capacity.
Some benefits to having a standalone jewelry insurance policy are the higher limits you can get for your jewelry as compared to having it listed on your homeowner’s policy. Even the most expensive of jewelry will be supported at a higher-value asset on your policy. You can also list a co-insured for the jewelry unlike a homeowner’s policy where you cannot list family members to be associated with your jewelry coverage. There are good perks available for having a standalone jewelry policy such as discounts for good appraisals, home alarm system and safe storage for when your jewelry is not being worn. Of course, let’s not forget the biggest savor of them all which is that on a standalone jewelry policy- jewelry claims do not impact homeowners’ coverage! So, you will not have to stress about these claims increasing your insurance premiums when they will be covered elsewhere.
Fun fact: According to a statistic from JIBNA Personal Jewelry Insurance, “70% of personal property theft losses are jewelry.” It goes without saying that jewelry is very important and even more so, expensive. All the more reason to protect it by designating a specific policy to help take care of a worse-case-scenario such as this.
Interested? Contact our office for a quote today!