Any of you insure jewelry through some specialized insurance company? Any recommendations?
I got a quote from Jewelers Mutual, but it ended up being even more expensive than adding it to my homeowner's insurance policy.
A rider on your homeowners policy should be sufficient.
The jewelry you want to insure will likely need to be appraised by a reputable appraiser, and then that appraisal will be used by the company to set the value of the item, and issue the rider.
Yes, it was appraised by the same company. However, I'd want to insure it for closer to what I paid rather than what their estimated retail value is. Otherwise it would be even more expensive to insure.
Anyway, here are their exclusions. Does that sound reasonable?
Scheduled Property - Perils Insured Against
When item(s) are scheduled onto a homeowners, condominium or renter’s policy, we will insure the property to the amount scheduled. Scheduled property is not subject to the deductible.
The items will be insured for all risks of physical loss to the property except for the following:
1. Wear & Tear, gradual deterioration, inherent vice, latent defect, mechanical breakdown or faulty manufacturing.
2. Insects or vermin
3. War, including the following and any consequence of the following:
§ Undeclared war, civil war, insurrection, rebellion or revolution
§ Warlike act by a military force or military personnel
§ Destruction, seizure or use for a military purpose
§ Discharge of a nuclear weapon (even if accidental)
4. Nuclear Hazard