Jewelry Floater
Categories: Insurance
“Check out mah ring,” our friend says, showing off the huge honkin’ diamond that her new fiancé just put on her finger. It twinkles like the stars and looks like it weighs half a ton, and we’re all duly impressed. Everyone else wants to know how he proposed, but our first question is much more important: do they have a jewelry floater on that thing?
A “jewelry floater” is a little mini-raft for our jewelry. We put our valuables on it and strap them in and then they can go swimming with us.
Er, okay. A “jewelry floater” is a specific insurance policy we can take out to cover an expensive piece of jewelry, like an engagement ring or a nice watch. We can add these policies to our homeowner’s or renter’s insurance, and they cover damage, theft, and accidental loss (like if our ruby earrings slip off their mini-raft while we’re swimming in the ocean). And all we need to get started is an appraisal of each piece we want to insure and a phone to call our insurance company.
Jewelry floaters are great, because they are not only tailored to the specific pieces in our collection, but they also pay us more if something bad happens than our standard homeowner’s or renter’s insurance will.
The downside? They cost more money. Like...if you were the insurer, wouldn't you charge a lot for the risk of a bad break-up and a ring thrown into a river?