Jewelry floater policies are an important way to protect expensive jewelry items such as rings, watches, bracelets, necklaces and earrings. Jewelry floater policies are a form of supplemental insurance, which means they are additions to homeowner’s or renter’s insurance rather than a stand-alone policy. Jewelry floater insurance is a great way to safeguard valuable jewelry inherited from family members, as many standard home insurance policies impose limits on personal possessions based on the type of coverage and age of the item.

When obtaining a jewelry floater, it is important to document the insured jewelry item in detail. The policy holder should make a record of the price paid for the item, including the date of purchase, the name of the store, and the amount paid including any sales tax. It is also beneficial to have photographs of the item for records and if it should be necessary to make an insurance claim. These records should also include appraisals from an independent third party appraiser or jeweler to verify the jewelry’s value as well as signed receipts that are dated.

When selecting a policy and shopping around for a good coverage rate, a jewelry floater policy holder should pay attention to the types of coverage included in the policy and the exclusions that are stated. Some policies cover the jewelry against any kind of loss or damage, while others only cover certain types of losses, such as theft or fire damage. It is also important to know if the policy provides actual cash value or replacement value coverage, and if it offers coverage for unidentified jewelry items rather than only named ones.

A jewelry floater policy can provide peace of mind for individuals who own valuable pieces of jewelry by providing protection in the event of a loss, theft or damage. While this supplemental type of coverage does come with a cost to the policy holder, these policies are well worth the investment in protecting possibly irreplaceable family keepsakes and gems.