An insurance company in Coral Gables shares that most policies only cover up to a certain amount of jewelry, watches, and other valuable things. If your cap is $5,000 and you have a diamond ring worth $15,000, you must pay an extra $10,000 to get a new one. Some other things that might need to be thought about are whether your insurance covers each piece of jewelry at a set amount or your whole collection.
All of this may sound hard but it’s not, especially if you work with a free agent who can help you understand your choices and get the right coverage. But here are some things you should think about regarding your insurance policy when you buy new jewelry.
Do You Increase Coverage?
Read your policy or ask an agent at a place such as Del Toro Insurance to explain what it covers. If you add up all of your smaller things, do they add up to more than your budget? Do you have one or two expensive pieces? It looks like you need to buy more insurance.
Do You Need an Appraisal?
Sometimes, an insurance company in Coral Gables will make you have a piece evaluated to find out how much it’s worth. They do this to make sure that you are not over-insuring something.
Type of Coverage
You might want to check to see if things are covered no matter where they are, such as if you do a lot of traveling. You should also find out the difference between the jewelry’s real cash value and its replacement value. You should also ask if you would have to buy new jewelry if you lost it or if you could just keep the cash payment.
