There are many different forms of jewellery insurance that one can purchase today. However before you do actually look to purchase it is a good idea to know more about it. This way you can ask the right sorts of questions to ensure that you obtain the right kind of policy.
The first thing you need to understand when it comes to this type of insurance knows that there are two different kinds available. There is that designed for schedule jewellery insurance and that is designed to provide coverage for unscheduled. Below we take a brief look at what these types of insurance are.
Unscheduled - This is the kind of insurance policy where you are not required to provide an exact list of the jewellery you want insured. It is the kind that is often included in basic home insurance policies and provides you with blanket coverage of such items. Generally with this type of insurance there are deductibles that you will need to pay and can range from between $500 and $1500. The main benefit of this type of insurance is that you don't need to have your jewellery appraised, but you will need to provide proof (receipts) regarding how much you paid for the items and a written description of them.
Scheduled - This policy is specifically for items of jewellery that you have and can be purchased separately or as a floater, rider or endorsement to your home policy. Of course we would recommend that you actually go for a policy that is separate to your home one. With this type of policy of course the jewellery will need to be appraised as this is what determines how much it is value at for insurance purposes and will of course determine what you will pay each year to have these items insured.
You do need to be aware however that with this type of jewellery insurance even if the cost to replace the item goes up in the future, you will only get what they have originally valued the item at when it was appraised originally.
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