There are different instances in which you may need a jewelry floater. If you have a lot of expensive jewelry amounting to thousands of dollars, it’s likely worth insuring them. Most homeowners policies only offer around $1500-$2500 to cover jewelry. Also, homeowners’ policies may limit coverage to damage after a covered loss or theft. Floater policies often include coverage for losing the jewelry as well (like taking your wedding band off at the beach and losing it in the sand).
Keep in mind that, just like with other items, you can choose how to insure your jewelry. An insurance company will either reimburse you for the lost ring, in which you’ll receive a check for either cash value or replacement value, or they will replace the jewelry with an identical piece. If you want to replace a treasured jewelry item, the insurance company will need: