A Story of Very Expensive Jewelry (Insurance)

While it is not easy for Florida residents to see their homeowners premiums increase, most people understand that the exposure to hurricanes brings a higher than average risk – and thus the high premiums.

A Florida home located on the beach will pay some of the highest insurance rates in the country.  These rates are nothing, however, when compared to insuring jewelry that is secured in a safe in that beach house.

A new member of PURE recently agreed to pay nearly $7,000 to insure a collection of jewelry valued at over $1,000,000.  Previously, they paid over $20,000 annually for jewelry insurance.

In fact, some of the leading insurers of high valued homes routinely charge a rate for jewelry that is three times greater than the rate for a beach front home!

Insurers say jewelry insurance is a “profitable” business. (And Tiger Woods is a “good golfer.”)