Types Of Insurance Policies
Jewelers Mutual Insurance Boca Raton offers several policy types. Deciding which one to get depends upon the state you live in and your insurance company.
- Replacement policy – This type of policy guarantees that you will get a payment that will allow you to buy an identical piece with regards to stone quality, setting and metal. One thing about this policy is that it is based on current market values. So if your jewelry is more expensive compared to when you originally purchased it, the entire cost of replacement will be covered.
- Actual cash value policy – This means that the jewelry will be replaced at its current value minus any depreciation. This policy is less expensive compared to other policies.
- Valued-at policy – This type of policy lets you receive the actual insurance amount even if you choose to value the ring at higher than its appraised value.