covering Jewelry under renters insurance

[AllieLuv83]

Has anyone done this? I just signed up because we are going on vacation and I didn''t have time to go to an independent appraiser for jewelers insurance. Basically Geico renters told me that I don''t need an independent appraisal, and that receipts will be just fine, and that they pay out the purchase price in case of loss. Does this seem weird to anyone?

 

[denverappraiser]

In most cases a renters policy is the same as a homeowners policy only without the real estate. That may seem like a huge thing but a standard homeowners policy covers all sorts of things ranging from furniture to liability that aren’t directly a function of the building and a significant amount of the risk for the company are part of this ‘extra’ stuff. There are parts of the country, Mahnattan comes to mind, where homeownership is actually fairly unusual.

Geico is a well run and first rate outfit. Each policy is governed by the policy language and there are important differences from state to state with all companies so it''s hard to make generalizations that apply to everyone but if you search the forum for ‘Geico’ I think you’ll find some pretty happy customers.

Neil Beaty
GG(GIA)ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[AllieLuv83]

Thanks Neil! Anyone else have experience with using Geico to insure jewelry?

 

[Regular Guy]

Just want to make sure the bases are covered. Regular homeowners or renters gives you basic coverage. Typically you need to add a rider to cover anything valued over a certain amout. Like..over $2000?

This rider works like that rider you can add to a motorcycle...which is the basic vehicle. Without the basic vehicle, you can''t hook up the rider. But the rider is what gives you the primary coverage.

Oui?

 

[Octavia]

I have renter's insurance and added a rider for my ring. It's a different company, but I imagine it would be mostly the same procedure wherever you go. It was really simple to do, all my agent needed was proof of purchase price and the specs of the diamond and setting (mine is a replacement policy rather than a payout one, though, which is fine for my purposes).

 

[AllieLuv83]

Well at first they gave me a quote for a replacement policy and when I asked about it he told me they can do a cash pay out policy and it was the same price.