jewelry — QCFreeQuote.com

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January 3, 2019 By QC Freequote

Progressive Jewelry Insurance

Now that the holidays are over, make sure you insure your new bling from Santa correctly. Keep reading below to see how jewelry coverage with Progressive works.

How to fully insure your jewelry and engagement rings

“Coverage for jewelry is often limited on insurance policies. A lot of times, coverage depends on how much your jewelry is worth and the type of loss (theft, fire, etc.). Long story short: If you want to be sure your jewelry is fully covered, you need to add it to your policy.

This is technically called scheduling an item or adding a rider, but it’s really just like listing a special one-off item on your policy. If you have a Progressive policy, just tell us about your jewelry, and we’ll insure the appraised value against a variety of types of losses. If you schedule jewelry, you won’t have a deductible.

Current Progressive customers

Call 866-749-7436 and tell a representative about your jewelry piece(s). We may need an appraisal and color photo for pieces over a certain dollar amount.

Non Progressive customers

Just get an insurance quote and add your jewelry piece(s). Again, we may need an appraisal and color photo.

Why isn’t jewelry automatically insured?

A lot of customers want to know why jewelry isn’t just covered. Insurance companies won’t assume that you have expensive items. You’d then be paying for insurance you don’t need. If insurers built in extra coverage to all policies for a $5,000-$10,000 engagement ring, everyone’s price would be higher. That’s the last thing everyone wants. So, insurers offer the option to add expensive items to give you and everyone a better, more accurate price.

Jewelry insurance cost

Jewelry insurance is affordable at Progressive. It only costs 1% to 2% of the total value of your jewelry. So, a $5,000 engagement ring will cost about $50-$100/year to insure. If you’re looking for an exact price, just get a quote or contact your insurance company.

Coverages for your jewelry

What’s covered

Theft

No matter where it’s stolen (off your body, out of your home, car, gym bag, etc.).

Damage

This potentially covers both total and partial damage. For example: A prong on your engagement ring breaks off and you lose the diamond, a broken link on a gold necklace, a chipped silver ring.

Loss and disappearance

This is normally covered even if it’s your own silly fault, and you flat-out forget where you left it.

Types of jewelry you can insure

You can insure almost any type of jewelry, including engagement rings, other wedding rings, diamond rings, necklaces, bracelets, etc. Most insurance companies do have a maximum limit they’ll insure. That limit can vary and may depend on your policy’s total coverage amount. If you have jewelry worth more than the max insured amount, you’ll need a completely separate policy.

What’s not covered

Wear and tear

Sorry, but insurers won’t replace jewelry that simply tarnishes or gets scratched over time. For example: A gold wedding ring that’s 30 years old and is heavily scratched. Instead, something unexpected has to happen.

Is the ring insured when I give it to my fiancé or fiancée?

There are a couple different scenarios

You’re living together

if you added your fiancé’s (or fiancée’s) name on your insurance policy (or if you share a policy), it’s generally covered once you give the ring to them.

You’re not living together

Your fiancé or fiancée is responsible for insuring it. Your policy will no longer cover it at that time, and they need to add it to their policy.

If you’re not on the same policy, your fiancé or fiancée is responsible for insuring the ring.

How your insurance works and how you can get paid

If something happens to your jewelry that you scheduled, just file a claim for the cost of your repair if it’s damaged, or for the full appraised amount if it’s lost or stolen. For example: If a prong on your engagement ring breaks off and you still have the diamond, we or your insurer will pay for the cost of repair. If it’s stolen or lost, you’ll get a check for the full appraised amount.”

Article written by Progressive

September 19, 2018 By QC Freequote

Protecting Your Valuables

Do you have valuable possessions without much protection? Check out Travelers’ article below on helpful tips and steps to take to ensure your valuables are covered.

5 Tips to Protect Your Possessions with Valuable Items Insurance Coverage

“You may think that a homeowners insurance policy provides adequate coverage for all your valuables, but policies may provide limited or no coverage for certain items — including generally expensive items — that are damaged or stolen.

For example, many homeowners policies generally have a $1,000 or $1,500 coverage amount for jewelry if the loss is due to theft. Such limits are in place to help keep homeowners policies affordable. However, if jewelry valued at $2,000 is stolen from your home and you have a $1,000 policy limit, you can only receive $1,000 from your insurer to replace the missing items.

That is when an insurance endorsement (sometimes called a rider) can provide increased coverage for your possessions. For an additional premium, this coverage can help protect you from the loss of high-end valuables such as jewelry, furs, antiques, artwork and collectibles.

Here are five tips that may help you decide whether you need valuable items coverage.

1. Read Your Insurance Policy

Your insurance policy is a contract between you and your carrier. This document includes the limits of how much you will be compensated when certain valuable items are damaged or stolen. Note that certain items may not be covered, so be sure to carefully review your policy to determine whether you have insurance that meets your needs. If you have questions, contact your insurance agent.

2. Have Your Valuables Appraised

You may have possessions that are worth more than you think. To help you decide whether you need additional coverage, it may be helpful to have them appraised. An appraisal can help you determine if your homeowners insurance policy covers the full value of your property, as some items may not be covered.

The value of some items, such as collectibles or jewelry, may be difficult to determine without professional assistance. It may be necessary to have your valuables reappraised periodically. If they increase in value, you may need additional coverage.

3. Create a Home Inventory

You may not be able to make a decision about whether to buy additional coverage until you know exactly what you own. You may want to take stock of your possessions by creating an inventory. Do not forget to check your garage, basement or attic for stored valuables, such as antiques and coin collections.

Be sure to list all items of value and include copies of receipts or appraisals when possible. This may help you if you ever need to file a claim with your insurance carrier.

4. Check Your Neighborhood’s Crime Rate

If you live in a community where the crime rate is high, you may have a greater need for additional coverage to protect your valuables. Police departments may track crime statistics and share this information with the public. You can consider asking your police department about home burglary trends in your neighborhood. Also consider installing a security alarm system. An alarm system may qualify you for a homeowners insurance discount.

5. Take Stock of Your Electronic Equipment

In our increasingly high-tech world, people use their electronic equipment to perform their jobs and maintain social connections. In recent years, many new gadgets and devices have been developed that may enhance our lives. If you keep high-end computers and other electronics in your home, you may want to make sure your homeowners policy will cover their loss.

Safeguard Your Personal Valuables

Your need to insure valuable items is something you may want to discuss with your agent whenever you buy a homeowners policy. If you purchase additional coverage for high-cost items, it is a good idea to understand its limits and exclusions.”

Check out the article or more on Travelers

What does your homeowners insurance policy cover? Get 5 tips to help protect belongings w/ a valuable items rider. https://t.co/YidUgji5Oa

— Travelers (@Travelers) September 18, 2018