THURSDAY, FEBRUARY 17, 2022
If you are searching for an insurance policy to protect your jewelry, inland marine insurance may meet your needs. Although it may not be apparent from its name, inland marine insurance may supplement your existing insurance policies and provide coverage for your valuable items such as rings, necklaces and jewelry.
The team of agents at McCune & Reed Insurance in Ottumwa, IA, is ready to help your find the best policy for your jewelry. Contact us today for additional information.
What Is Inland Marine Insurance?
Inland marine insurance has its origins in the marine industry when companies secured insurance to cover their property as it was shipped over water. Those policies evolved to cover property transported over land and the term “inland” marine insurance developed. Today, inland marine insurance policies may cover several types of portable property, including jewelry.
Standard Homeowners Insurance v. Inland Marine Insurance 
Standard homeowners insurance typically only provides limited protection for jewelry. Advantages of inland marine insurance include:
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Providing higher amounts of coverage than homeowners insurance. A standard homeowners policy takes into account that the chance of jewelry being lost or stolen is relatively high and the limited coverage reflects that risk.
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Having more options than homeowners insurance when selecting a deductible for the policy. Some inland marine insurance policies may even have no deductible.
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Covering a wider variety of risks than homeowners insurance. For example, inland marine insurance may provide coverage for accidental losses of jewelry.
How Much Protection Does Inland Marine Insurance for Jewelry Provide?
Inland marine insurance typically provides two options to choose from with regard to coverage of jewelry:
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Repair/replacement cost settlement typically provides coverage that restores the jewelry to its original condition or replaces the item with one of like kind or quality.
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Agreed value settlement typically pays the amount the jewelry is listed for on the policy in the event of a loss. This coverage may require an additional premium.
The agents at McCune & Reed Insurance may provide additional details regarding the benefits and coverages of inland marine insurance and can discuss applicable limits and exclusions. Contact us for more information.
How Much Does Inland Marine Insurance for Jewelry Cost?
The cost of inland marine insurance for jewelry depends on several factors, such as the value of the jewelry being protected and the selected limits. The professionals at McCune & Reed Insurance can help you obtain the right coverage for your needs and budget. Contact us today for details or a quote.
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