Whether it’s an engagement ring, family heirloom, or treasure you bought yourself, the pieces in your jewelry collection can hold a great deal of sentimental and monetary value. While many of these items may be irreplaceable should something happen to them, jewelry insurance is available to help handle the financial burden of an unexpected loss. Unfortunately, this type of coverage is often overlooked until it’s too late. The following guide explains what it is and why you should consider protecting your fine jewelry with a specialized policy.
How Jewelry Insurance Works
Jewelry insurance is a specific kind of coverage that offers a payout when pieces are stolen, damaged, or lost. Policies can be purchased as an endorsement to an existing homeowner’s insurance policy or as standalone coverage. With an endorsement, each piece may be scheduled separately based on their individual value or multiple items can be included under blanket coverage up to a certain limit.
What It Covers
Most types of jewelry are insurable as long as the piece has been appraised. These policies typically provide more comprehensive coverage than homeowner’s insurance, including protection for any event that isn’t specifically excluded. For example, preventative maintenance and repairs are often covered as well as mysterious disappearances and issues that arise while traveling. Generally, policies won’t cover intentional damage, normal wear and tear, manufacturer defects, and pest or pet damage.
Reasons to Insure Your Jewelry
The primary reason to get jewelry insurance is to protect your investment. Fine jewelry pieces can carry significant value and will frequently appreciate over time. In the event an item is ever damaged, lost, or stolen, you can have peace of mind knowing your financial loss will be at least partially covered.
Additionally, many people mistakenly believe their jewelry is automatically covered by homeowner’s insurance. However, a traditional homeowner’s policy will only protect pieces if there’s a problem due to fire, theft, or vandalism up to a particular dollar amount. In most cases, this coverage isn’t sufficient enough to replace a person’s collection if necessary. Thus, if you have expensive items, it’s essential to insure them separately.
Steps to Getting Coverage
First, you’ll want to document all of your fine jewelry pieces with photos, videos, and a detailed written list. Gather any receipts and certificates of authenticity you may have and keep them organized in a safe place. Next, have each item you wish to insure professionally appraised. This is often required by insurance companies to determine a piece’s replacement value. Finally, before choosing a policy, take into account the coverage limits, whether the insurer has a list of preferred jewelers or will allow you to pick your own, and what the total cost is with premiums and deductibles.
If you’re interested in learning more about jewelry insurance options, stop by Steve’s Precious Met0als in Redding, CA. We understand the importance of having adequate coverage and can provide the information you need to ensure your valuable possessions are properly protected. Call (530) 223-0170 or visit us online to make an appointment with our educated and experienced staff.