Today we will talk about what Jewelry Endorsement (additional coverage for jewelry) is on your home insurance.
All major home insurance policies provide coverage ranging from $ 500 to $ 1,000 for jewelry. Jewelry Endorsement is usually not all-risk coverage (i.e. not coverage from anything else), which can be a problem for you. In other words, built-in coverage (built-in endorsement) extends strictly to the stated reasons for claims, such as fire, tornado, theft, etc. Still, the most frequent cause for action is not these misfortunes, but the so-called “mysterious disappearance”
Imagine that you took off your diamond ring to take a bath and put it on the windowsill. When you finished, you forgot that you left the ring, and when you remembered, he was no longer there. This is what is called mysterious disappearance, and although such a claim is not covered by ordinary home insurance, your Jewelry Endorsement should cover such a claim. On average, the price of such a supplement ranges from $ 15 to $ 25 per year, for every $ 1,000 of coverage. That is, insurance for a ring worth $ 5 thousand will cost you about $ 75- $ 125 extra per year. If the cost of your jewelry exceeds $ 10,000, many companies will require a photo of the product and an appraisal expert’s opinion (appraisal – you can get it from almost any jeweler or pawnshop) before including the product in your insurance.
By the way, expensive musical instruments, pianos, violins, etc., can also be included in the coating, for about the same conditions.
Each state has its own insurance legislation and its supervisory authority. There is no single federal insurance law and no single federal insurance supervisory authority. Each state submits its requirements regarding the minimum level of capital, types of insurance, conducts an audit of controlled insurance companies, carries out general regulation of insurance activity by issuing a license to brokers, agents and insurance companies themselves.
In the US, there are two types of insurance companies: joint-stock companies and mutual insurance societies. State insurance companies do not exist. Shares of joint stock companies can be purchased both by physical persons and legal entities.
Picture Credit: JamesDeMers