Why You Need Jewelry Insurance

Jewelry Insurance
by: Ben Tseytlin - on Antiques & Jewelry

Jewelry such as diamonds, rubies and emeralds are vulnerable to theft, and natural disasters such as flooding and fire. When priceless jewelry is displaced, the psychological impact is difficult to describe in words. This is why it is essential to have safeguards in place, one of which is jewelry insurance.

How Jewelry Insurance Works

Jewelry insurance is designed to compensate those who have lost their jewels due to accidents, theft or disappearance. Like all forms of insurance, you will be expected to pay periodic premiums, and while the specific amounts will vary, in most cases you can expect to pay from $1 to $2 for each $100 that your jewelry is valued at. This type of insurance is often made available through homeowner’s insurance or it can be acquired with renter’s insurance. Complete coverage means that the full value of your jewelry will be returned to you in the event it is lost or damaged, while partial coverage means only a portion of the value will be awarded. Below are some reasons you should consider this form of insurance.

Jewelry Insurance Assists In The Appraisal Process

To insure your jewelry, its value must be known. Therefore, you will need to get the jewelry appraised as a part of the insurance process. This can be done by a jewelry expert, and once the value of your valuables has been determined, most jewelers will issue you a special appraisal certificate which can then be presented to the insurance firm.

It Reduces The Devastation Of Theft Or Loss

While money can never completely replace jewels that are one of a kind, it certainly soothes the pain. Anyone who has had their valuables stolen or damaged beyond repair, and did not have insurance, knows how agonizing the experience can be. When you consider this, the small premiums that you’ll be expected to pay monthly should you choose to get jewelry insurance is well worth it.

Its Provides Greater Flexibility And Freedom

Having breathtaking jewelry does you little good if you rarely wear it due to fears of having it stolen or lost. There are many jewelry owners that mostly keep their valuables locked up in safe for just this reason. However, jewelry is designed to be appreciated and showcased to the world. The great thing about having jewelry insurance is that it gives you the freedom to wear your goods more often because you know that if something happens, at least you have recourse.

It Ensures You Can Pass Something On To Your Descendants

The best thing about jewelry and related valuables is that they can and should be passed on to future generations. Unfortunately, if your valuables are lost due to a natural or manmade event, and you don’t have insurance, you’re out of luck. But if you do, the compensation that you’ll receive from the jewelry company can be used to purchase new pieces of jewelry that can then be passed down your heirs instead.