How To Insure Your Jewelry

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Do you own valuable jewelry? Whether you’ve inherited precious family heirlooms or recently purchased an exquisite Cuban link chain, an understanding of how to safeguard and insure these items is essential. Explore the world of jewelry insurance and how to secure the right policy for your treasures.

What Is Jewelry Insurance?

Stand-alone jewelry insurance provides coverage when an insured item is stolen or damaged. Some policies also give you coverage if you lose an insured piece of jewelry.

While most people don’t need insurance for everyday bracelets or necklaces, high-value and sentimental items are a different story. Chains that cost thousands of dollars and Rolex watches, for example, are good candidates for jewelry insurance.

Typically, you’ll choose a policy that covers the item’s value, and then you’ll pay a monthly fee to maintain the coverage. In general, paying a nominal monthly charge is worth the peace of mind that the insurance brings.

Opting for a Rider

Many consumers look to their homeowner’s insurance as a practical way to cover their jewelry’s value. While most homeowners’ policies include limited coverage for personal belongings like jewelry, if you own valuable pieces, you should add a rider.

A rider is a separate coverage that’s connected to the overall policy. Specifically, it spells out coverage for your particular items. Your monthly payment will increase based on this rider’s additional coverage, but it gives you complete assurance that the jewelry is protected in case of loss, damage, or theft.

Seeking Out Stand-alone Insurance

If you want to see your options with another insurer, you can obtain exclusive insurance with a jewelry expert. Since these policies are stand-alone types, your rate isn’t attached to any other asset, such as your home.

Obtaining a quote typically involves supplying photos and authentic appraisals. The insurer will consider those when giving you an estimate of your monthly payment. Because these policies are strictly for jewelry, they may have a few added benefits compared to other policies. Compare costs across different insurers to see what works for your budget. And with an insurer protecting your items, you can confidently shop for even more bling.

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Reading the Fine Print

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Before you sign onto any policy, read all the fine print. There will always be some limitations. Specifically, check on constraints when it comes to value. If you have multiple expensive items, some policies may max out below their total price. Your policy should cover the value to 100%.

Look over the exclusions, too. Every insurance provider has exclusions, and while most exclusions are fair, be aware of them so that there are no unwelcome surprises when you file a claim.

What To Do in Case of Loss?

When it comes to high-value items, recovering from most losses starts with a police report. Obtain a copy of this report describing how the loss occurred, and send it along with your claim to the insurance company.

Your insurance will already have information about your jewelry, such as photos and appraisals, so the next step is replacing the item. The provider might suggest particular jewelers or let you pick a retailer yourself. Your policy should pay out in a timely manner.

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Avoiding Loss

In addition to obtaining jewelry insurance, you can get more peace of mind by practicing some habits for safeguarding your jewelry. As a household rule, always put your high-value items in a locked safe or box. Ideally, it should be stored in a hidden area or bolted to the floor.

Also, try to wear only a few high-value pieces at a time. If you advertise that you have multiple valuable chains or rings by wearing them simultaneously, potential thieves could see you as a target.

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Insure Your Jewelry for Those Unexpected Events

Jewelry insurance protects your favorite items against theft and damage. You can enjoy their dazzling beauty for years without concern about potential loss.