If you have a Florida homeowner's insurance policy or renter's insurance, you already have some jewelry insurance. That's because  these policies include coverage for unscheduled personal property — which includes jewelry.

Typically, however, such coverage is  limited to the perils covered and lower dollar amounts on theft losses, as well as by various exclusions. If you own higher  value fine jewelry (valued over $1,000), your homeowner's insurance will likely be inadequate.

For jewelry that is inadequately covered  by a Florida homeowner's policy, additional kinds of coverage are available. The  coverage is called scheduled jewelry insurance, which covers specific items by what is often referred to as a  "floater," which may or may not be tied to a Florida homeowner's policy. These policies offer much broader coverage, very few exclusions, and higher  limits.

Caution: not all floaters are the same. Some only provide repair or replacement — no cash.

Premiums, the  price you pay for insurance, can vary widely from state to state and from  company to company.

The kind of  jewelry insurance offered by Pontell Insurance is called standalone personal jewelry insurance. This means that the coverage  “stands alone” and is not tied to other insurance. Pontell's standalone personal  jewelry policy insures only the jewelry you want to insure. This typically  results in a simplified and expedited insurance process. In addition, it offers a  cost-effective alternative to other forms of insurance that cover jewelry.

One of the best ways to protect your jewelry  purchase is to become educated before you purchase it. There are many variables  that factor into the quality, price, and value of jewelry. Furthermore, the  retail jewelry business is unregulated and practices vary widely. The more you  know about jewelry before you walk into a jewelry store, the better you can  protect yourself from possible disappointment later.