When you have a home owner’s policy in place, it’s so reassuring to know that you’ve got everything protected in case something happens to your home and belongings. When you file a claim, the bad news may be that you discover that your policy doesn’t cover certain valuables as you had thought. The most common category is jewelry and antiques. If you’ve got some high-end pieces in your collection, you may want to consider a jewelry floater.
What is a jewelry floater?
This is an add-on for your homeowner’s policy that specifically protects the piece (or pieces) of jewelry that are high-end and would be more expensive to replace should they be destroyed. Sometimes floaters can also apply to accidents, such as losing it by accident, too. Protected jewelry could include engagement rings or wedding sets, generational, heirloom pieces and more. The floater simply adds a high dollar amount of protection to your existing policy.
How do you get a jewelry floater added on?
If you’re interested in getting a floater added to your policy, the first thing would be to contact your insurance agent. You’ll need to show verifiable proof of what your jewelry is worth. You would think the best way to do that would be the jewelry receipt. However, values change, discounts happen and when it comes to especially rare pieces (such as an heirloom), you would need to get an official appraisal. Not only is this going to be more accurate in its dollar value, it’s also official enough for you to “take it to the bank”.
While some insurance brokers may be able to work with original receipts, it’s always a safer option — all around — to have an appraisal done by a company that comes highly recommended.
Do this with all of your pieces and then bring the appraisals to talk to your insurance agent. They’ll be able to use these to calculate a rate for the jewelry floater and apply it to your policy. They’ll also run you through your options, too, as far as whether getting a specific jewelry floater is recommended, or whether a simple increase to the payout for your standard homeowner’s insurance might be better.
Why is a jewelry floater important?
While raising the monetary limit on your homeowner’s policy is certainly an option, having a specific jewelry floater is much more beneficial for your pieces. Firstly, you’ll get a full payout for the pieces that are appraised and documented. Even if you can’t replace the pieces that are now gone, at least you’ll be able to recover what they’re worth in current value. Secondly, the floater is a good idea if you are someone who wears your prized possessions a lot. If you drop a ring down a sink or lose it on vacation, you’ll be able to submit a claim with the right floater in place.
There’s no substitute for having the proper insurance in place. Even if it’s just for peace of mind, consider a jewelry floater for your best pieces and do your part at keeping them safe.