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Jewelry Floater by Legacy Insurance

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Jewelry Floater provided by Legacy Insurance

A jewelry floater is a type of supplemental insurance designed to protect precious jewelry. It is often purchased alongside other forms of insurance, such as homeowner’s insurance or renter’s insurance. Although these insurance policies generally include some coverage for jewelry, jewelry floaters can expand this coverage, making them more suitable for valuable items. 

What is Jewelry Floater ?

A jewelry floater is optional to a homeowner’s insurance policy that protects against financial loss from the damage or theft of valuable jewelry. Although basic homeowners policies typically provide some jewelry coverage, individuals with sizable or valuable jewelry collections often opt to purchase a jewelry floater in addition to their basic policy. If the jewelry does get damaged, stolen, or lost, the jewelry floater can provide a higher dollar amount of coverage than would be possible under the basic home insurance plan.

Is a Jewelry Floater Worth It?

There are different instances in which you may need a jewelry floater. If you have a lot of expensive jewelry amounting to thousands of dollars, it’s likely worth insuring them. Most homeowners policies only offer around $1500-$2500 to cover jewelry. Also, homeowners’ policies may limit coverage to damage after a covered loss or theft. Floater policies often include coverage for losing the jewelry as well (like taking your wedding band off at the beach and losing it in the sand).

Keep in mind that, just like with other items, you can choose how to insure your jewelry. An insurance company will either reimburse you for the lost ring, in which you’ll receive a check for either cash value or replacement value, or they will replace the jewelry with an identical piece. If you want to replace a treasured jewelry item, the insurance company will need:

  • Receipts
  • Descriptions
  • A picture, if possible
  • Appraisals

Even one of these may work. You don’t have to worry about remembering every detail for a jeweler to replace the lost item.

How much do jewelry floaters cost?

A stand-alone Jewelry Policy costs between 1% to 2% of all the jewelry scheduled on the policy. For the most part, jewelry floaters will set you back between 1% and 2% of your insured jewelry’s total value. For example, if you had a wedding ring worth $7000, you would need to pay approximately $70 per year to have it insured. If you don’t know what your jewelry is worth, you are encouraged to have a jeweler appraise it.

Already have Jewelry Floater? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.

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