Insuring Expensive Items like a phone or Jewelry.


If you own valuable jewelry, an iPhone, valuable guns, or other items that have a high value, you should consider protecting it with an inland marine insurance policy. Inland marine insurance can supplement your existing insurance policies and provide added coverage for your prized possessions. 

What Is Inland Marine Insurance? 

The term “inland marine insurance” came from marine insurance, which insured property that was transported over the water. Inland marine insurance then came about to protect property as it was transported across land. Today, inland marine insurance may cover several types of movable property, and it may supplement existing insurance policies.

Although a standard homeowners insurance policy may provide some protection for jewelry, it may not offer all the coverage you need. The disadvantages of using your homeowners policy to cover your movable property include: 

  • Since jewelry and other items are easily misplaced or stolen, a standard homeowners policy limits how much you can claim on these items. 
  • Homeowners policies may not cover all of risks that an inland marine policy does. For instance, a standard homeowners policy may not cover 'mysterious disappearance'.  
  • Claims filed on your standard homeowners insurance would be subject to your policy’s deductible.  With an inland marine policy you can have a custom deductible of $0 or $50 or higher, while your homeowners deductible might be $1,000.

How Much Protection Does Inland Marine Jewelry Insurance Provide? 

There are two different types of loss settlement options that are typically available with an inland marine policy. These options may affect how much coverage you receive for your items: 

Agreed value settlement—This option typically pays the amount the item is listed on the policy in the event of a loss. Because of this protection, this option may require an more premium. 

Replacement cost settlement—This option may provide coverage that restores the item to its original condition or replaces the item with one of like kind or quality. With repair/replacement cost settlement, the replacement amount may be lower than the value listed on the policy. 

How Much Does Inland Marine Insurance Cost? 

The cost of inland marine jewelry insurance depends on a lot of factors, such as the value of the item protected, the type of item and the selected limits. Much like auto policies the amount of the deductible will also have an effect on the cost of this insurance; the higher the deductible the lower the premium.

Example

Let's say you want to insure your new iPhone 14 Pro Max with 1 Terabyte of storage that you just paid $1,500 for, and you have a homeowners policy with your agent.  If you rely on  the homeowner's policy you will have a $1,000 deductible - meaning if you suffer a covered loss your out of pocket would be $1,000 or 2/3rds of the phone's cost. Plus you may get more coverages with inland marine than a homeowners. Be sure to ask your agent about this awesome policy to protect your valuable items.


jasonedwards@shelterinsurance.com

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