If you have valuable jewelry, you might want to consider protecting it with jewelry insurance. Before doing so, it’s important to know the facts.
Some years ago, we purchased jewelry insurance. And before doing so, we researched in advance before we spoke to several companies. We did this to ensure we knew all the benefits, costs, pros and cons.
In this article, we will take a look at some of the reasons why it pays to have insurance and if it’s right for you. And we have a list of important questions for you to ask beforehand.
Jewelry Insurance Gave Us Peace Of Mind
Did you know your homeowner’s insurance typically isn’t enough to cover the full replacement of your valuable jewelry? In fact, even with a specific rider added to your policy, it might have limits.
Years ago, we decided to acquire engagement ring insurance because my husband upgraded my ring. After doing so, we realized the security and the peace of mind insurance provided for us.
Typically, jewelry insurance should cover the full value of your valuables or at least cover total replacement for insured pieces. Also, the policy should include applicable taxes you paid as well.
How Do You Know If You Need Jewelry Insurance?
To start, it’s a good idea to access whether or not you need jewelry insurance. We realized the importance of protecting our valuables and took action to do so.
To begin with, I created a spreadsheet of my items and added the following columns and answers:
- Date of purchase
- Full description of jewelry
- Cost per piece
- Location of purchase
- Jewelry appraisal information including date
- Taxes paid
- Recept location and information
Included in this folder, I scanned all images of my jewelry as well as receipts. You will want to ensure you thoroughly document all this information if and when you file a claim.
After you document all this information, ask yourself the following question. Can you afford to replace all of your valuable jewelry without insurance? If your valuables become damaged, lost, or stolen, can you afford to replace them without protection from jewelry insurance?
What if your engagement ring mysteriously disappeared? Let’s think about it. How many times have you washed your hands and forgot where you placed it? This scenario happens to all of us. In part, this is why it’s essential to assess whether or not jewelry insurance is right for you.
Typically, Who Does This Insurance Cover?
Depending on your insurance company, married couples both receive the same coverage. When you apply, make sure you add your spouse to the coverage. You’ll want to ensure both of your names are on the policy. Even if you live with your partner, your relationship status shouldn’t matter. Again, you’ll want to get specific details about any insurance requirements beforehand.
When it comes to engagement rings, you can insure them separately or include them in your household policy. It depends on the type of jewelry insurance you sign up for and what the agency offers.
As far as types of jewelry covered, you can insure almost any style or type. Most folks purchase insurance for all their precious jewelry but it depends on your needs.
Questions To Ask Your Insurance Company
Before we acquired jewelry insurance, I prepared a list of questions. It’s always a good idea to have questions ready before you commit.
- What type of jewelry insurance policies does your company offer?
- What are the rates?
- Do you have a required deductible, and if so, how much?
- Is the deductible sliding scale for a better policy?
- Regardless of the circumstances, will my jewelry receive coverage? (theft, carelessness, loss, etc.)
- Are there any geographical limits on the policy?
- How do I get the replacement or repair?
- Can I choose the vendor to replace or repair my jewelry?
- What security measures do you require, if any, to insure my jewelry?
- What type of proof do you require submitted to file a claim?
You’ll want to ensure the insurance company covers loss, damage, theft, and disappearance. Make sure you check the rates and compare coverages. Depending on where you live and what your area’s theft rate, coverage plans can change. Some companies have a maximum limit, so make sure you ask.
Additionally, if you insure your engagement ring alone, prices typically run between 1-2 percent of the value of the ring. All in all, jewelry insurance seems well worth the cost when you think of replacing yourself.
As you can see, it’s important to prep a good list of questions. Make sure you do the research well in advance before committing. Also, call several different jewelry insurance companies before you make a decision. Take notes, compare prices, and see who offers excellent customer service as well.
Protection Starts At Home
Particularly, jewelry protection starts at home. Yes, it’s a good idea to procure jewelry insurance, but you should protect it at home as well.
Always stow away your valuables in a secure security safe. Make sure your safe bolts to the ground or a secure wall safe. You’ll want to ensure it features override keys for emergencies such as a keypad power failure feature.
It’s also a good idea to keep your jewelry clean and in good condition. Always use a high-quality jewelry cleaner as well. Keeping your jewelry safe and in good condition pays off, especially when it’s time for an appraisal. Of course, we want our precious jewelry looking and feeling good as well.
I hope this information helps you on your way to inquiring about jewelry insurance. Remember, gathering as much information as you can will allow you to make a more informed decision. There’s a lot to know about purchasing jewelry insurance before you make a decision. Either way, it’s always worth protecting your valuables.
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