Jewelry Insurance – Understand What You Are Paying For
Many of us get insurance as a safety net for expensive or irreplaceable items. However, understanding why your need insurance relies on the value you hold for the item. Jewelry represents so much more than just the basic material item. Different pieces of jewelry represent different memories and each has their own unique symbol that later creates a long-lasting family heirloom passed down from generation to generation.
Jewelry insurance isn’t talked about nor appreciated enough. While many rely on their homeowners or renters insurance to cover a majority of items in the home, you are not always where your jewelry is in your home. Loss, theft, damage and etc can happen at any given moment and amid these tragic events peace of mind is one thing you will be guaranteed when it comes to your jewelry and jewelry insurance. Here are a few common facts about Jewelry insurance.
Why Insure Your Jewelry
Imagine you just bought the perfect engagement ring for the love of your life, and you were so excited that you didn’t realize it slipped out of your pocket from the jewelers to your home. What happens next? Are you just out of a ring and all that cash? After you leave the jewelers, you become fully responsible for the jewelry. Jewelry Insurance will give you peace of mind and is very much so recommended for accidents and unforeseen events. Or if your fiance drops her ring down the drain. The list is endless, but replacing it is priceless.
Read The Fine Print
Insurance companies provide different policies and options to insure your jewelry. A great insurance policy will be there for you in case of damage, loss, theft, or mysterious disappearance. Make sure you understand the details like what the definition of each of these events entail and where you are covered. Jewelry insurance has a coverage map, and it is crucial you select a policy that protects your worldwide.
How Much will Jewelry Insurance Cost
Every policy and company has different pricing just like the policy they offer. However, typically it is 1-3% of the value of the jewelry. You should know that you can purchase blanket policies or individual policies for different pieces. Having individual policies on your more valuable piece is key.
Any jeweler you can trust will give you a list of reasons why insuring your jewelry is a good idea. At Master Jewelers Indiana, we offer official jewelry appraisals that are used for jewelry insurance. Call us or chat online with us today.