For over 30 years, Bellman Jewelers has been the leading insurance replacement service in New Hampshire, Maine, Vermont and Northern Massachusetts. We have worked with virtually every homeowner insurance company in America. Companies like State Farm, Allstate and Maine Mutual have benefited from our expert repair work to repair or replace missing gemstones and our custom design capabilities to remake a lost or stolen jewelry items.
It is very important to add your valuable jewelry to your homeowner’s insurance policy. There are different terms used by insurance companies for this type of policy, they are caller either a “Rider” or “Scheduled.” This requires that the item of jewelry be apprised and the appraisal be submitted to the insurance company. You will be charged and additional premium based on the appraised value of that item. (Note: The premium cost is well worth the additional protection it provides.)
This additional insurance is very important because once you have your jewelry insured separately you are now covered for loss regardless of the location or circumstances. For example, without the rider your jewelry is only covered if the jewelry is taken from your home and the value is limited. For scheduled jewelry, regardless of where you are in the world, it the item is lost or stolen, the insurance company will pay up to the appraised amount for the replacement of you jewelry. And the best part is, there is no deductible. The insurance pays 100%.
This comprehensive coverage also includes replacement of missing gemstones as well, therefore, if you have a diamond ring that has several diamonds and one goes missing then the insurance will cover the replacement of the stone and the labor; again no deductible.
So, don’t pay extra for those repair and replacement services offered by many jewelry stores, it is a waste of money because they are filled with limitations and exclusions in the contracts and it’s redundant because when you add an item to your homeowner’s policy, you get better coverage and it’s less expensive.