Indian Insurance of Jewelry Basic Need.

 Insurance of Jewelry Basic Need.

By  Aamir Mannan.

Should the unforeseeable occur and you suffer a loss, Warren Jewelers works closely with your insurance company to help you with replacement or compensation of your valuable jewelry or family heirloom. 
Things you need to know about Jewelry Insurance:

Insurance Regulations

State laws differ but are regulated by the Insurance Commissioner and insurance departments of the individual states. Some states tightly regulate insurance company contract language and other states allow insurance companies to write contracts with their own language. You should discuss your insurance needs with your insurance agent. If you do suffer a loss you do have the right to choose the jeweler who you trust to replace the item. Your insurance company may make suggestions but it is up to you to tell your insurance comp anying whom you would like to use to replace the item.

Insurance Coverage

Most jewelry is covered under your homeowners or renters insurance policy. You can also buy private jewelry insurance.

Basic Insurance

Unscheduled personal property includes jewelry which would be covered by your homeowners or renters insurance. However, in most policies not all losses are covered. In addition there are low dollar limits on unscheduled personal property. In a case of a large theft you may only be covered for a total loss as low as $500.00 compensation. For any item of jewelry with a value over $1000.00 you should schedule your jewelry to cover specific items. This is done with a Personal Articles Floater, which is attached to a homeowner or renters policy. You can also purchase a stand-alone or private jewelry insurance policy. The coverage on these types of insurance can be very broad covering all types of losses with very few exclusions.

Premiums or Cost to Insure

Prices to insure items can vary from state to state. They can also vary from different insurance companies serving the same area. Most rates are quoted per $100.00 of insurance coverage. Some companies have a standard rate; others have graduated rates, which may change depending on the value of your item. You can save from paying excessive premiums by raising your deductible or opt for a private jewelry insurance policy. You should do some comparison-shopping. Even an alarm system or safe in your home may add up to discounts on your insurance.