Why is jewelry insurance necessary?
The purchase of authentic platinum, gold, silver and gem jewelry involves a lot of careful consideration and a major investment. Surprisingly, the typical home-owner's or renter's insurance policies do not cover the jewelry loss or theft completely, under a single -Ëœfull coverage' plan. There are insurance policies designed to cover jewelry theft, but not loss and this makes it necessary to research and find out about the other options you have to protect the investment, which most of the time is family heirloom. Loss or theft are not pre planned occurrences and hence it is always better to be safe than sorry when it comes to your precious jewelry.
Factors to be considered in the Jewelry Insurance policy:
There are a number of renter's and homeowner's insurance policies that do cover your valuable jewelry to a certain extent. First consider that which is covered. In this way you can save on an unnecessary second coverage and the premium amount that you are required to pay the insurance company monthly, quarterly, semi annually or annually. The clubbed insurance for jewelry within the typical homeowner's or renter's insurance policy is never more than $1000. You need to consider an insurance policy that covers jewelry loss for reasons other than theft too, like in the case of loss or damage. It pays to conduct a little prior research on the various insurance companies that offer exclusive jewelry insurance coverage, such as dimond jewelry or Gold Jewelry.
The need for additional jewelry insurance:
You should always read the policy document carefully and enquire with the insurance agent about the different types of losses that are covered on the standard policy. In case of doubt or identified special need, you can purchase additional insurance for your fine jewelry. However, you should do so only after a personal meeting with the insurance agent and a good understanding of the coverage. You need to check if there are deductibles and if so, what the amount is. Remember - the raising or lowering the deductibles does affect the policy cost. You also need to check whether an appraisal is required to establish the true value of the jewelry, prior to obtaining insurance.
Types of jewelry insurance:
There are different types of jewelry insurance offered by different companies. There is insurance coverage for items specified, irrespective of where the damage or loss takes place. Some jewelry insurance covers also cover a loss that occurs during domestic and international travel. The other options in jewelry insurance are covers for full replacement of actual cost via a cash settlement and policy covers that take care of repairs to damaged jewelry. There are jewelry insurance companies that provide cover specifically for jewelry only and make their policies available through independent insurance agents and jewelry retailers.
Essentials you need to ensure:
It is recommended to always get the jewelry appraised by a licensed jewelry appraiser only. Appraisal is mandatory for effective coverage. Check for loose diamonds and gems prior to signing on the dotted line. Remember that jewelry insurance is not available for unset stones or damaged items of jewelry or even antique jewelry, in some cases. Personally discuss and determine the required jewelry protection policy with the agent. Avoid any transaction with middle men. Opt for personal jewelry insurance that covers repair and replacement. You may have assimilated pieces of the collection over the years from different jewelers and from different parts of the world, but when it comes to jewelry insurance, the estimate of the jewelry owned must come from one, trusted jeweler only.
A good jeweler will enable you to identify loose stones, faulty clasps, worn prongs and other minute problems. The jeweler will also be able to give you the approximate current value and the corresponding coverage you need to invest in. Inspections are a great way to have your jewelry cleaned and sparkling. Jewelry insurance is the best way to ensure the safety of family heirloom and secure your investment in the precious metals and gems.
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