Jewellery Insurance - 5 Things You Must Have

Read Time:3 Minute, 27 Second

Almost everyone has some form of jewelry, whether it is a gift from a loved one, or a family heirloom passed down for generations. Whether your jewelry is expensive or not, it is always a good idea to insure it in case it is ever lost, stolen, or damaged. Here are the top 5 things by Centrestone that you must have in order to get your jewelry insured.

1. You May Already Have Insurance for Jewelry

If you have homeowner’s or renter’s insurance, you may already be covered for your jewelry. Check your policy to see what, if any, limitations there are on jewelry coverage. You may need to purchase a separate rider or floater policy to insure high-value items.

Your personal property is usually covered by your homeowner’s insurance policy up to a certain amount, typically 10% of your home’s insured value. So, if you have a $100,000 homeowner’s policy, your personal belongings are covered up to $10,000. If you have $20,000 worth of jewelry, you may be underinsured.

Renter’s insurance works similarly to homeowner’s insurance in that it covers your personal belongings up to a certain limit.

2. Scheduled Jewelry Insurance

Most people don’t realize that their homeowner’s insurance policy doesn’t cover their jewelry. In the event that something happens to your jewelry, you could be left without any recourse. That’s why it’s important to have scheduled jewelry insurance.

Scheduled jewelry insurance is a separate policy that covers your jewelry against loss, theft, or damage. It’s important to insure your jewelry for its full value, as replacement costs can be high. You’ll also want to make sure that the policy covers worldwide protection in case you lose your jewelry while traveling.

While it may seem like an unnecessary expense, scheduled jewelry insurance can give you peace of mind knowing that you’re valuable possessions are protected.

3. The Importance of the Appraisal

When you purchase an insurance policy for your home, jewellery is often an afterthought. But in the event of a fire, theft, or another disaster, your jewelry could be gone forever. That’s why it’s important to have your jewelry appraised and insured properly.

An appraisal gives your jeweller the opportunity to evaluate the quality and value of your piece. They will also take into account any sentimental value. Once you have an appraisal, you can purchase an insurance policy that will cover the replacement cost of your jewellery.

Without an up-to-date appraisal, you may not be able to replace your lost or stolen jewellery. And if you try to file a claim without one, the insurance company may not give you the full value of your loss.

4. Consult with Your Agent

If you own any jewelry, it’s important to insure it in case of theft, loss, or damage. Your homeowner’s insurance policy may cover some jewelry, but usually has limits on how much is covered and what kind of damage is covered. It’s a good idea to consult with your insurance agent to see what coverage you have and whether you need to purchase additional insurance for your jewelry.

5. Its Shockingly Cost-Effective

When it comes to insuring your valuable possessions, jewellery is often overlooked. But did you know that jewellery insurance is surprisingly affordable? Here’s what you need to know about insuring your precious jewels. Jewelry insurance is a type of personal property insurance that covers the loss or damage of your jewellery.

The cost of jewellery insurance depends on a number of factors, including the value of your jewellery, where you live, and the type of coverage you choose. Most homeowners’ or renters’ insurance policies provide some coverage for jewellery, but it’s often limited to a few thousand dollars. If you have expensive jewellery, it’s worth considering a separate jewellery insurance policy.

Conclusion

In conclusion, when shopping for jewelry insurance, be sure to keep the 5 following things in mind: value, coverage, appraisal, riders, and pasta. With these factors considered, you can be sure to find the best policy for you and your beloved jewelry.