Jewelry Insurance in New Hampshire
What is Jewelry Insurance?
The high-value and fragile nature of jewelry make it particularly susceptible to theft and damage. These facts, along with the uniqueness of many pieces, make jewelry insurance a smart decision. Jewelry insurance policies help New Hampshire residents protect their valuable jewelry from a variety of unexpected events.
Jewelry insurance (aka a jewelry schedule, a jewelry floater or, inland marine policy) can either be a separate policy or added onto an existing home policy. If part of the home policy, it is important to know that the jewelry schedule will be subject to separate terms, conditions, and exclusions, apart from the homeowner's policy. This is actually a good thing as the coverage is often much broader than the other items insured as personal property.
Who Should Insure Their Jewelry in New Hampshire?
A jewelry policy is not just for the people who own a lot of jewelry. Many New Hampshire residents could benefit from a jewelry schedule, especially those with diamond or other precious-stone rings or other pieces.
As insurance agents, we often hear that someone doesn't need to cover their wedding ring as they never take it off. In my opinion, that is the very person who should insure the ring as most jewelry floaters will cover the stone if it falls out of the ring. The stone is the most expensive part and could fall out without the owner even realizing it. Without the ring being insured on a jewelry policy, there would not be any coverage for such an event.
Is Jewelry Covered by Homeowners or Renters Insurance?
Homeowners and renters insurance policies commonly include personal property protection, which generally is intended to insure belongings that the policyholder owns. These belongings often include jewelry pieces, but the amount of coverage provided for high-value items like jewelry is most likely limited. Even if a homeowners policy has a generous personal property coverage limit, the policy could have a much lower jewelry-specific limit.
When a home or renters insurance policy doesn’t fully cover a policyholder’s jewelry, a jewelry-specific policy may provide the supplemental coverage that’s needed.
As previously mentioned, a jewelry policy typically offers broader coverage terms for jewelry items than a homeowners or renters policy does. Given the small size of jewelry, such items can be lost. A homeowner's policy would not usually cover something you misplaced, but a jewelry floater could.
Anyone unsure whether their homeowners or renters insurance provides adequate jewelry coverage should speak with an insurance agent who specializes in jewelry policies. A specialized agent will be familiar with the protections that jewelry policies provide and where these other policies may fall short. With an agent’s help, residents can make sure their jewelry is well protected.
What Types of Risks Are Often Covered By a Jewelry Policy?
The exact protections that a jewelry policy offers are determined by that policy’s particular terms and conditions. Depending on a policy’s terms, it may cover risks like the following:
Theft, possibly including theft that occurs both at home and elsewhere
Damage, possibly including accidental damage or breakage
Disappearance, possibly including instances where jewelry can’t be found for an unknown reason
What Kinds of Jewelry Can a Jewelry Policy Insure?
In general, most kinds of jewelry can be covered by a jewelry policy. Some items that people often get a policy for include:
Engagement and wedding rings
Earrings and necklaces
Bracelets and anklets
How Much Does NH Jewelry Insurance Cost?
The cost is directly tied to the amount of jewelry you want to insure but is often around $8 - $10 per $1000 of coverage needed. Considering that thousands of dollars could literally go down the drain with a stone, it is a worthy investment.
How Much Coverage Do Jewelry Policies Provide?
The amount of coverage that jewelry policies provide is outlined in a policy’s terms and conditions. Depending on its terms, a policy may cover jewelry pieces for the actual cash value, repair or replacement cost, or a predetermined amount, up to the policy’s limit.
To establish how much coverage is needed, a current and professional appraisal needs to be provided by a qualified jeweler or appraiser. An independent appraisal can be helpful when determining how much coverage to get and if a claim has to be filed.
How Can New Hampshire Residents Get Jewelry Insurance?
For help finding jewelry insurance, contact the independent insurance agents at HPM Insurance. Our agents can help you compare policy options from multiple insurance companies in New Hampshire and throughout New England.