Questions to Ask Your Insurance Agent About Jewelry Coverage

  1. Questions for insurance company iconIs an appraisal necessary for full coverage?
  2. What is the difference between scheduled and non-scheduled coverage?
  3. Is there a deductible? If so, how much? Can I ask for a larger deductible for a premium savings?
  4. Is my policy all-risk (covering damage, robbery, mysterious disappearance, etc.)?
  5. Am I still covered if there is negligence or carelessness involved?
  6. Is it covered if lost, stolen or damaged while in someone else’s possession?
  7. What if only part is lost, e.g. a diamond out of a ring?
  8. If there is a loss, do I have a choice of cash replacement?
  9. Can I go to whomever I choose for the replacement?
  10. If the loss has been replaced through an insurance company source, will I be allowed to verify proper replacement by a reputable firm?
  11. If I cash out will I get the full amount of value?
  12. Are there any geographical limitations to my coverage, outside my home, internationally?
  13. How much will is cost per thousand for full coverage? Partial coverage? What do I sacrifice for limitations?
  14. Is depreciation ever imposed?
  15. How often should I have my appraisal updated?
  16. Am I limited to appraised replacement cost should there be a sizable increase in the value of my jewelry?
  17. If there is damage to a piece can I replace it or must it be limited to repair? Am I remunerated for loss of value?
  18. What if the item is irreplaceable? Do they offer an agreed value insurance policy meaning that you and your insurer settle on a specific value that you will receive in the event of a loss.
  19. Are there any security precautions required? If not, would it affect the premium if there was?
  20. What proof is need to justify a claim?
  21. What kinds of jewelry insurance are available?
  22. Are there exclusions?
  23. What is the “pair and set” clause? e.g. a pair of earrings or a set earring, pendant, ring.
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