Ask Experts Questions for FREE Help !
Ask
    pastor1189's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
    Ultra Member
     
    #1

    Mar 17, 2016, 04:11 AM
    Jewelry Insurance
    On personal property especially jewelry. I think it is covered under your homeowner's policy. In the enclosed sample it show personal property at $36.496 with something called primary use at $28.00 maybe that is a deductible???
    Should you buy a separate policy just to cover the jewelry??
    Attached Images
     
    ebaines's Avatar
    ebaines Posts: 12,130, Reputation: 1307
    Expert
     
    #2

    Mar 17, 2016, 04:58 AM
    Personal property insurance covers items in your home that might be stolen or destroyed in a fire or storm. The $28.00 is the cost of the insurance on personal property. Most policies cover jewelry only up to $1500 - you will find the specifics in your policy. You can ask your insurance carrier about additional insurance protection for jewelry - you will need a receipt or appraisal to establish the value of each piece you want insured.
    pastor1189's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
    Ultra Member
     
    #3

    Mar 17, 2016, 05:53 AM
    Very good information. Thanks
    ma0641's Avatar
    ma0641 Posts: 15,681, Reputation: 1012
    Uber Member
     
    #4

    Mar 17, 2016, 06:10 AM
    EbaInes is correct. If you want more coverage than what is in your policy, you get a Jewelry Floater and schedule the items. Policy would cover on and off premises loss while your HO may only cover specific loss off premises and at a non scheduled limit.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,280, Reputation: 7690
    Expert
     
    #5

    Mar 17, 2016, 06:18 AM
    It almost always has a separate limit other than your full personal property. Normally it will be a 500 or 1000 dollar limit, The deductable will be your normal standard deductable, 500, 1000, 5000 what ever it is on the full policy.

    You can add a rider for it, an attachment to your policy for often 5000, 10,000 or 25,000 (perhaps more depending on policy and company.

    Seldom do you buy a separate policy unless you have specific items, a ring, a watch, a necklace that has esp high value, maybe a diamond of investment value of 30,000 or something
    pastor1189's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
    Ultra Member
     
    #6

    Mar 17, 2016, 06:47 AM
    Wonderful advice
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,280, Reputation: 7690
    Expert
     
    #7

    Mar 17, 2016, 08:40 AM
    Not done it for a while, but I still have all my insurance license. Take the yearly training.
    teacherjenn4's Avatar
    teacherjenn4 Posts: 3,997, Reputation: 468
    Education Expert
     
    #8

    Mar 17, 2016, 07:48 PM
    Don't forget that you'll need an appraisal with pictures of the items.
    pastor1189's Avatar
    pastor1189 Posts: 1,538, Reputation: 3
    Ultra Member
     
    #9

    Mar 18, 2016, 05:11 AM
    Yes thank you so much.
    J_9's Avatar
    J_9 Posts: 40,254, Reputation: 5642
    Expert
     
    #10

    Mar 18, 2016, 05:22 AM
    Quote Originally Posted by teacherjenn4 View Post
    Don't forget that you'll need an appraisal with pictures of the items.
    . The appraisal will have to be done with the actual items of jewelry, not the pictures.
    teacherjenn4's Avatar
    teacherjenn4 Posts: 3,997, Reputation: 468
    Education Expert
     
    #11

    Mar 18, 2016, 06:38 AM
    I guess I wasn't clear. You'll need to turn your appraisal in to the insurance company. After jewelry is appraised, you'll receive paperwork including pictures to take to your insurance company.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

A company insurance salesman sold a life insurance policy to a client for a premium o [ 1 Answers ]

A company insurance salesman sold a life insurance policy to a client for a premium of $25,000. The agency billed the client for the policy and is entitled to a commission of 20%. How do I do an adjusting journal entry for this question? Will it have two parts to it?

Adjusting entries- paid 1,680 cash on one yr insurance and now one twelfth insurance [ 1 Answers ]

I'm processing a trial balance and adjusting the entries. The journal entry is for paid cash $1,680 on one year insurance effective March 1. The journal entry is debit prepaid insurance and credit cash. For the adjustment one twelfth of the insurance expired. Where is that posted on the...

Place was robbed in Sept I had jewelry , electronics and tools the insurance company [ 4 Answers ]

Is investigating us. They had a Special investigator come out and interview us. I need to give them copies of my cell phone records and text messages for Aug and Sept. We were out of state when this happened. I feel like I am on trial and I don't know why. I have submitted pictures and serial...

Prepaid insurance of rs15120 adjusted with current year's insurance charges [ 0 Answers ]

In tally accounts what is the journal entry of this transaction?


View more questions Search