Get Colorado jewelry & valuables insurance quotes, cost & coverage fast. Personal valuables insurance protects your important CO possessions and can help replace them if they're lost, stolen or damaged.
Colorado Jewelry & Valuables Insurance
A special kind of joy comes from acquiring new jewelry. Its small and portable, yet very valuable nature makes it a simple target for burglars. It can easily be lost, stolen, or damaged. Insuring your valuables will help ensure you get financial compensation when you make a claim. You can either incorporate them into your existing CO homeowners insurance policy, which can limit coverage based on the type of item and cause of loss, or you can purchase a specific Colorado Jewelry & Valuables Insurance policy to fully cover your important possessions.
It's not just a thing for the wealthy. From jewelry to guns to collectibles, you might have more items of value than you realize. This article answers the most important questions you'd ask about Colorado Jewelry & Valuables Insurance.
What is Classed as a 'Valuable'?
Most insurers make a distinction between 'valuables' and other 'items' in your home. Jewelry, watches, works of art, and items made of precious materials like gold are often classed as valuables. But, other items like musical instruments, audio equipment, and computers might also be valuable to you, as well. However, such might not be classified as 'valuables' unless you tell the insurer otherwise.
Generally, an item ought to be considered valuable if its cost of replacement exceeds the cover limit applied to your CO home contents' insurance. In such a case, you can ask your insurer to cover that item separately, which will prompt for an additional cost.
If you have a home contents' coverage, you should look into it and check its limits. You might find that there's a limit for 'valuables' that's separate to the limit applying to the contents coverage. It's also likely that the insurance company has a limit on how much they would pay out for any one item. This is often referred to as the 'single item limit'.
Sometimes called insurance 'floaters,' Colorado Jewelry & Valuables Insurance is an additional coverage, designed to cover your fine art, jewelry, antiques, wine, coins or nearly any collectible with limits above and beyond what your homeowners policy can offer. These are for individual items of significant value. You can list each item and the amount you need to insure it for. Appraisals might be required to determine value of these items.
A good idea is to go through all rooms in your house, listing the contents and giving them a respective value. This will help when you buy your Colorado Jewelry & Valuables Insurance policy. Pay careful attention to fine artwork, jewelry, and high-value technology items. Remember, you should calculate each item's replacement value.
Of course, it might not be possible to get a replacement for the exact item in some cases. For instance, it's impossible to replace sentimental, valuable items such as jewelry gifted to you or family heirlooms. In such instances, the insurance company may offer cash settlement, instead.
What Does Colorado Jewelry & Valuables Insurance Cover?
Believe or not, your homeowners insurance policy has limits on the type amount coverage for your valuables. Not only that - if you file a claim, you will have to pay a deductible and it will count as a claim against your home policy and can increase your premium for years to come. That's is why you should consider a Colorado Jewelry & Valuables Insurance policy.
Following are some items that can you can get 'floater' or increased amounts of coverage on, beyond the limits of your CO homeowners policy:
- Jewelry & engagement rings
- Silverware, china & crystal
- Musical instruments
- Golf Equipment
- Fine art
- Stamp & coin collections
- Sound equipment
- Sports equipment
Most of these polices offer a zero ($0) deductible option, which means your are not out of pocket for anything for a covered loss. They can also extend coverage for different types of losses, like if the diamond in your engagement ring falls out of the prongs and you don't know where it went.
What Colorado Jewelry & Valuables Insurance Doesn't Cover
Colorado Jewelry & Valuables Insurance typically does not cover intentional damage or destruction of property.
How Much is your Jewelry Really Worth?
The price of precious metals, like gold and silver varies hugely. Case in point, the price of gold has risen by over 150% in just the past 10 years. Art, antiques, and other collectibles vary in value, as well, according to the prevailing economic and market conditions.
It makes sense to get such valuables appraised every few years. Outdated values can end up costing you more if you jewelry is over valued, and if undervalued and you file a claim - you might not get back the items full value. Upon valuation, you might realize that the replacement cost of a treasured piece of jewelry exceeds the single item limit. Getting your valuables valued prior to taking out an insurance policy will help ensure that they're insured for the correct amount. It's highly advisable that you have expensive jewelry appraised after every two years by an accredited jeweler.
How Much Does Colorado Jewelry & Valuables Insurance Cost?
How much does Colorado Jewelry & Valuables Insurance cost? The average price of Colorado Jewelry & Valuables Insurance is usually very affordable. The premiums vary depending on the company and their underwriting rules, and it depends on the amount coverage selected.
The cost can vary, depending on several factors. These include the value of what you're insuring, the insurer you consult, and where you reside. But, the cost of coverage may be as little as 1-5% of the item's value.
CO Jewelry & Valuables Insurance Quotes
Request a Colorado Jewelry & Valuables Insurance quote in Alamosa, Arvada, Aurora, Boulder, Brighton, Broomfield, Castle Pines North, Castle Rock, Canon City, Centennial, Colorado Springs, Commerce City, Craig, Delta, Denver, Durango, Englewood, Erie, Evans, Federal Heights, Firestone, Fort Collins, Fort Morgan, Fountain, Frederick, Fruita, Glenwood Springs, Golden, Grand Junction, Greeley, Greenwood Village, Johnstown, Lafayette, Lakewood, Littleton, Lone Tree, Longmont, Louisville, Loveland, Montrose, Northglenn, Parker, Pueblo, Rifle, Steamboat Springs, Sterling, Superior, Thornton, Trinidad, Westminster, Wheat Ridge, Windsor and all other cities in CO.
Colorado Insurance Regulations & Limits
When it comes to insurance regulations in Colorado, there are a few things that you want to be aware of. Let's take a look at the laws and rules surrounding insurance in CO.
Colorado Commercial Insurance
The most common type of business insurance is liability insurance. Commercial liability insurance is required to cover things like property damage, bodily injury, personal injury, advertising injury and legal defense and judgments. Colorado is a fault state, and businesses are not required to carry liability insurance in order to operate. There is a cap on damages that are not economic set at $468,010 with a higher limit set at $936,030 for non-economic damages in which it can be proven that the original damage amount is too low. However, these cases are rare.
Punitive damages in exemplary damages are almost unheard of in Colorado, but there is no limit on economic damages. The statute of limitations to file against types of damages is two years - or three years if the damages were sustained in a vehicle. Most experts recommend the businesses carry anywhere from $500,000 to $1 million in general liability coverage.
The only other requirements for businesses that you need to be aware of is the requirement for any business that hires hourly or wage employees to carry Worker's Compensation insurance and for those same companies to have minimum insurance coverage on their vehicles which for a vehicle used for business purposes means that you will have to purchase a commercial auto insurance policy.
CO Personal Insurance
The most common type of personal insurance is the one that everyone is required to have - auto insurance. The law requires that you have at least $25,000 per person and at least $50,000 per accident in liability insurance; as well as an additional $15,000 for property damage. These are the main regulations covering auto insurance in Colorado and they are very similar to the regulations found in most of the other states.
The only additional regulation that you need to be aware of when it comes to personal insurance has to do with life insurance. If you have life insurance, your insurance provider is required to give you a one month grace period before they can cancel your policy due to nonpayment. This protects consumers against having policies canceled due to having a late payment. This is the only regulation you should know when it comes to life insurance.
If you are looking for state specific Jewelry & Valuables Insurance quotes, costs and information: California Jewelry & Valuables Insurance, Colorado Jewelry & Valuables Insurance, Delaware Jewelry & Valuables Insurance, Florida Jewelry & Valuables Insurance, Illinois Jewelry & Valuables Insurance, Kentucky Jewelry & Valuables Insurance, New Jersey Jewelry & Valuables Insurance, New York Jewelry & Valuables Insurance, Oregon Jewelry & Valuables Insurance, Pennsylvania Jewelry & Valuables Insurance, Texas Jewelry & Valuables Insurance, Washington Jewelry & Valuables Insurance.