AboutJay K. Williams, AAI, AIP, CIC, CRM Expertise I can answer questions relating to the following coverages: personal auto; homeowners; commercial auto; commercial liability; commercial property; business income and all other property and casualty coverages.
Experience I have been in the insurance industry in Florida since 1979. I am currently the president of a Florida domestic insurance company subsidiary. I've taught continuing education classes in Florida and across the country. I am quite familiar with all coverages including Florida Condominium master policies and unit owner policies. I also specialize in agent professional liability. I have been a professional educator since 2001.
Organizations I am a member of the Florida Associaion of Insurance Agents, the state affiliate of the Independent Insurance Agents and Brokers of America.
Education/Credentials I currently carry the following professional designations:
Accredited Advisor in Insurance (AAI)
Associate in Insurance Production (AIP)
Certified Insurance Counselor (CIC)
Certified Risk Manager (CRM)
Question My question is this my ring is covered on homeowners and since my ring was stolen I have come to find out I had insurance thru the jewlery store also. Am I obligated to take one or the other? I hate the jewler store now since they slid that charge by me. They will replace the ring but said I have to continue the insurance until the ring is paid off. Or I can get a lower payout from my homeowners. I am not sure if I have a choice.
Thank you.
Answer Hi Maureen,
In many states, what your jeweler did is completely illegal. Also, selling insurance without a license is not legal either.
That being said, I would imagine in this case it works out for the better. I don't think the jeweler can force you to carry the insurance once the claim is paid. You can always file a complaint with you state's Insurance Department of Department of Consumer Affairs.
Unfortunately, most homeowner's policies exclude claims on personal property when other coverage exists. In this case, having a separate policy on this ring would activate that exclusion in the policy and your insurance company would deny the claim.
Again, this is probably a good thing because most HO policies limit theft of jewelry to $1,000 or $1,500...some policies have higher internal limits, but most don't.
