Insuring jewelry is important. Think about the pieces you wear daily. Think about how that daily wear and tear increases the risk of something happening to those precious pieces. including loss, damage, or theft. Now think about this: when buying a home or a car, we are required to have insurance in place prior to taking ownership. Why isn't this required when buying jewelry?
Personal jewelry insurance is an important topic - one I feel is not spoken about enough. If you own valuable jewelry like an engagement ring, it is probably a piece that is sentimental to you. That sentiment may be irreplaceable, but the monetary value of the piece can be protected.
Personal Jewelry Insurance: Cost and Coverage
Good insurance companies will cover the full value of your jewelry whether it is lost, stolen, or damaged. The cost of personal jewelry insurance does vary depending on usage, where you live, and your deductible, but typical rates range around 1-2% of the jewelry’s value.
In addition to the cost, it is important to understand the details of your coverage. Personal jewelry insurance policies can get a little confusing, so make sure you ask the right questions. That way, if something does happen, you can feel assured that you are covered.
Questions About Jewelry Insurance
- Does my homeowners policy cover my jewelry?
- What exactly does my jewelry insurance cover?
- Does my jewelry insurance policy cover ...
- ... mysterious disappearances?
- ... petty theft?
- ... accidental loss?
- Do I need extra coverage when traveling?
- How easy is it to process a claim?
- How often should my jewelry be appraised?
- Does each piece need its own appraisal?
I can't stress enough how important it is to get the best personal jewelry insurance. The only way to do that is to understand what your insurance will cover. Not only will it protect your jewelry, but it will also give you peace of mind.
Better Safe Than Sorry
You never know what can happen, so it is always better to be safe than sorry. For example, when washing our hands, we often take our rings off - only to leave them behind. Sometimes we don’t even wear our jewelry pieces for fear of losing them. Remember: jewelry is meant to be worn and enjoyed, and insuring jewelry is easier than you think!