Insuring engagement ring and jewelery contained by nonspecific...?
I currently have my engagement ring and a few watches added on to our home owners insurance policy, however, when shifting policies recently (I live surrounded by FL) our agent mentioned that a separate policy may be a better option for us. Unfortunately, she purely left for leave and hasn't give me adjectives the details but I'm curious as to why (besides the commission) she would recommend a separate policy. How could this potentially benefit us? Any help would be appreciated. Thanks!
Answers:
Yes, I own my ring separtely insured. It is called a "floater package" thru our insurance. I wouldn't trust my homeowners near jewelry. My sister lost her whole honeymoon ring and engagement ring. They were the aniversarry leash with diamonds around it near the engagement ring in the middle, which wasn't tiny....not covered beneath homeowners like she thought. We simply pay resembling $15/year(if that) to have that extra floater packet, not that much to pay contained by my book if I lost it, they will give me what it is worth. So I would also recommend getting your jewelry assessed so you know what's it worth.
Good luck to you!
Some companies will let you agenda your jewerly on your policy it's called HO461 you take an appraisal it pays what the appraisal states or replaces the item. the company I'm with does not enjoy a deductible on this and charges $16 per $1000 that you schedule and give it all risk coverage.
You don't involve a separate policy. Just schedule your jewelry and watches for specific amounts. This is only just an attachment to you HO policy called an inland ocean floater. Most insurers will want to see appraisals of the items.
Beats me. I would consider that increasing the limits on your HO policy would be the means of access to go.
Sometimes a seperate policy is cheaper, when you're talking difficult values, than the endorsement on your homeowners policy.
Coverages should be equal.
AND, she's supposed to have someone near covering for her to answer that type of question.
Possibly your HO policy doesn't have a suitable endorsement for jewelry. Possibly your policy is within peril due to claims history or has a glorious deductible because of hurricane claims; who know but the advise is nouns, I'd separate them. In FL save your HO policy for hurricanes/tornadoes/sinkholes... anything the peril of the day is.
Do a Google scour for a company called Jewelers Mutual. They flog jewelry only policies over the Internet and are believable
no point in have 2 separate policies
you just have need of to add the jewelry to your current policy
perchance you've been told that 2 poilicies would cost you smaller quantity because insurance companies apply discounts when you have more than one policy beside them, but it's intended like vehicle insurance + homeowners insurance etc...not 2 separate policies for the same entry.
have a look at this directory of companies surrounded by Florida to compare the quotes http://www.homeinsuranceguides.com/home-...
It depends on how much you are looking to insure. If the amount is substantial, than you may be better stale with a separate floater. Otherwise, you may want to only just schedule them on your homeowner's policy. Either agency, you will get the appraised amount for respectively piece of jewelry.