Your pieces of jewelry are likely some of your most prized possessions, and items such as rings, bracelets and necklaces can have significant value. Although standard homeowners insurance may provide some protection for these items, a personal articles floater insurance policy may offer more complete coverage.
The professionals at RCS Insurance Agency in Reno, Nevada, are ready to discuss your insurance needs to ensure you have adequate protection. Contact us today for additional information.
What Is a Personal Articles Floater for Jewelry?
A personal articles floater policy is a type of inland marine insurance that may protect property that is readily movable, such as jewelry. The coverage travels or “floats” with the valuable items. It can be used to supplement your other standard insurance policies (e.g., homeowners insurance).
Why Should I Consider a Personal Articles Floater Insurance Policy for My Jewelry?
When you secure a personal articles floater insurance policy, you may receive higher limits to cover the value of your jewelry, and you may have more flexibility in selecting a deductible.
Standard coverage from a homeowners insurance policy may fall short of adequately covering your jewelry, especially if it is high value. Since jewelry can be easily lost or stolen, a homeowners policy’s protection is generally more limited. Additionally, homeowners policies provide protection for covered risks such as theft or fire, and if your jewelry is lost or damaged by a noncovered event, such as losing a bracelet while you are gardening, a standard homeowners policy may not provide compensation.
Claims filed under homeowner policies are typically subject to the applicable deductible and filing claims may raise your homeowners insurance rates.
What Types of Settlement Options Are Available With a Personal Articles Floater Insurance Policy?
Two different types of loss settlement options are typically available with a personal articles floater insurance policy:
Replacement cost settlement—This type of settlement generally provides coverage that replaces the item with one of like kind or quality. The amount of replacement may be lower than the value listed on the policy.
Agreed value settlement—This type of settlement typically pays the amount for which the jewelry is listed on the policy. This option may require an additional premium.
How Much Does a Personal Articles Floater Insurance Policy for Jewelry Cost?
The cost of a personal articles floater for jewelry depends on several factors, including the value of the jewelry protected and the limits you select. The team at RCS Insurance Agency can describe policy options, coverages and exclusions and can help you find the best coverage for your budget. Contact us today for more information.