Ask the Insurance Lady: Jewelry Floaters
• You lose a stone on your engagement ring due to a loose prong.
• Your house is broken into, and your jewelry is stolen.
• You leave a watch in a hotel room, and it's never recovered.
Special items may need a special policy called a floater.
Got Diamonds? Pearls, Rubies, Sapphires?
Do you own Rings, Necklaces, Earrings, Watches, other Jewelry? Whether your taste is fancy or more casual, the best way to insure them is with a Jewelry Floater.
Jewelry and other small valuable items are easily lost or stolen. Because they are so valuable, you might think your home or renters insurance would cover them. In reality, home insurance policies, event all risk policies, have special limits (as low as $500) for THEFT of jewelry, and NO coverage for lost items. What you need is an additional coverage called a “Floater”.
One of the benefits of a floater is that you can have a lower deductible than your home insurance policy, as low as Zero. This means that you can use the coverage, even if you have a small loss. Plus the claim won’t impact your home insurance so there’s no worry about cancellations or rate increases.
Buying a “floater” is easy. You simply need a list of items you want to cover, along with their value. Higher value pieces may require an appraisal or receipt describing the item in detail.