New Jersey Jewelry & Valuables Insurance
(Quotes, Cost & Coverage)

Get New Jersey jewelry & valuables insurance quotes, cost & coverage fast. Personal valuables insurance protects your important NJ possessions and can help replace them if they're lost, stolen or damaged.

New Jersey Jewelry & Valuables Insurance

New Jersey Jewelry & Valuables Insurance ⋆ Quotes, Cost & Coverage

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 NJ homeowners insurance policy, which can limit coverage based on the type of item and cause of loss, or you can purchase a specific New Jersey 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 New Jersey 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 NJ 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,' New Jersey 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 New Jersey 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 New Jersey 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 New Jersey 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 NJ homeowners policy:

Jewelry & engagement rings
Silverware, china & crystal
Antiques
Cameras
Computers
Musical instruments
Golf Equipment
Furs
Guns
Fine art
Stamp & coin collections
Bicycles
Trophies
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 New Jersey Jewelry & Valuables Insurance Doesn't Cover

New Jersey 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 New Jersey Jewelry & Valuables Insurance Cost?

How much does New Jersey Jewelry & Valuables Insurance cost? The average price of New Jersey 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.

NJ Jewelry & Valuables Insurance Quotes

New Jersey Insurance

Request a New Jersey Jewelry & Valuables Insurance quote in Atlantic City, Bayonne, Bergenfield, Bridgeton, Camden, Carteret, Cliffside Park, Clifton, Dover, East Orange, Egg Harbor, Elizabeth, Elmwood Park, Englewood, Fair Lawn, Fort Lee, Garfield, Glassboro, Hackensack, Hawthorne, Hoboken, Jersey City, Kearny, Linden, Lodi, Long Branch, Millville, Morristown, New Brunswick, Newark, North Plainfield, Palisades Park, Paramus, Passaic, Paterson, Perth Amboy, Plainfield, Pleasantville, Point Pleasant, Rahway, Ridgewood, Roselle, Sayreville, South Plainfield, Summit, Trenton, Union City, Vineland, West New York, Westfield and all other cities in NJ.

Insurance Regulations In New Jersey

There insurance regulations that govern both business and personal insurance in the state of NJ. There are certain regulations that you want to keep in mind whether you are getting insurance as a private party, or you may have a business and are concerned about the regulations and oversight of your business insurance.

New Jersey Commercial Insurance

The regulations governing business insurance start with general liability insurance. General liability insurance protects you from lawsuits from people that come on your property with a variety of coverages. For example, it may protect against bodily injury, it may also protect against property damage caused by your business - for example, if your sign falls on someone's car - or it may protect against advertising, false arrest and lots of other different things that can happen. However, keep in mind that general liability insurance is not required in the state of New Jersey.

There are certain types of insurance that are required by businesses in New Jersey though. One of the regulations governing business insurance in New Jersey requires that anyone who has a full-time or part-time employee carry Worker's Compensation insurance to cover that employee. Workers comp is sort of like health insurance for employees that get hurt on the job.

In addition, NJ law says that employers must provide employee disability coverage to provide income for employees who are injured on the job and have to take time off due to a temporary or permanent disability. Finally, businesses in New Jersey are required to carry commercial auto insurance for company vehicles.

NJ Personal Insurance

The first type of personal insurance that will be discussing is auto insurance. Personal auto insurance in New Jersey requires that the driver carry $15,000 per person and $30,000 per accident in liability coverage. In addition, there must be an additional $5000 for property damage.

As far as life insurance regulations, insurance companies must be regulated by the Department of Banking and Insurance which maintains all records of insurance companies that are licensed to do business in the state. In addition, residents have a 10 day free look period, a grace period of 30 days and insurance companies must make payments in a timely fashion; which is within two months of receiving proof of death from the beneficiary.