One of the most underutilized insurance policies in South Carolina is the jewelry floater policy. Many consumers aren't even aware of what a floater policy is and yet it can be a very beneficial policy to have.
A floater policy is a way to insurance specific property separately from the home or renter's insurance policy. This makes a lot of sense for two main reasons. The first is that if you need to make a claim for that item then having a floater policy helps you to avoid making a claim on your home policy. Rates on home insurance WILL skyrocket after making just one claim. Some insurance companies may even non-renew or refuse to write a new policy for a home or homeowner who's had a claim. That's why if you have a smaller claim it's often advisable to pay out of pocket and only make a claim for something really big. A floater policy allows you to make a claim for something really valuable to you without having to worry about what it will do to your rates or eligibility going forward on your home policy.
The second great benefit to a jewelry floater is you have more control about the quantity of coverage and "how" the jewelry is covered. It's pretty standard that on a typical home policy the amount of coverage extended to jewelry is pretty minimal, oftentimes around $2,500 though it depends on the policy. One single piece of jewelry such as an engagement ring can often cost more. You can schedule individual pieces of jewelry on your policy however a typical home policy will give you Replacement Cost coverage. So if someone breaks into your South Carolina home and steals your ring then an insurance adjuster would try to determine what they felt it would cost to replace it, often going through their own suppliers. This is very subjective and can result in an inferior replacement. However on many jewelry floaters it's possible to instead get Agreed Value coverage. This means if you have an appraisal that states your ring is worth $10,000 then you can purchase coverage in the amount of $10,000. If you need to file a claim you'll be cut a check for $10,000- no negotiations required. This is much better coverage that insures you'll be made truly whole in the event of a loss.
Jewelry floater insurance policies are a great way to sufficiently cover valuable jewelry without risk to a home insurance policy. Therefore they should always be considered by anyone who owns jewelry.