Quote:
Originally Posted by 1William
With a very close family member in the insurance business we have decided to break out our Home Owners Insurance from our jewelry insurance. This is because we do not want our homeowners cancelled if we make a claim against the policy for jewelry. Yes, it does happen and more frequently than you would think. I have Jewelers Mutual and have been very pleased with the process of getting coverage. If you have an appraisal for a stated amount they will cover it, Hulk, Daytona,etc. I have never had to make a claim so I can not speak to the service.
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Spot on. This is the huge risk of having it on your homeowners. If you have a large jewelry loss you WILL be canceled unless you are a very valuable customer (i.e., you generate thousands of dollars annually in premium). The best case is your rates will skyrocket on your overall Homeowners policy. This is even more so the case if your loss is unexplained or mysterious and cannot be attributed to a tangible event such as a documented burglary or theft.