(Newswire.net — July 12, 2022) — It’s easy to remember to insure the big things in our lives like our house, or car. But when it comes to jewelry we tend to put it off. Sometimes we put it off until it’s too late. But jewelry can be extremely valuable, both in monetary value and sentimental value. And without insurance, you don’t know if you’ll ever be able to replace your jewelry if something happens to it. One of the most important reasons to insure jewelry is for your own peace of mind.
Damage and Repair of Jewelry
Jewelry insurance doesn’t only cover the loss of jewelry it also covers the repair of damaged jewelry. Jewelry is meant to be worn, and this can sometimes mean that it is scratched, chipped, or that a precious gem falls out. Whatever the damage, jewelry insurance can cover the cost of repairs. Whether it is a simple matter of a ring setting becoming loose, or if a gem is chipped it can be fixed with the help of insurance. If a gemstone falls out, and even if it is permanently lost, it can be repaired under your jewelry insurance policy.
Unforeseen Accidents and Loses
Sometimes we discover our jewelry is missing and we can’t remember if we lost it, if it fell off while wearing it, or if perhaps it was stolen. This is called mysterious disappearance and is also covered by good jewelry insurance policies. Jewelry is delicate and can easily fall off without you even noticing. If the back of your diamond earring comes loose and your earring falls, or the clasp on a necklace comes undone and the necklace slips away. Or perhaps if you’re wearing jewelry in the swimming pool and it simply slips off without you noticing. All of these unforeseen incidents could result in you losing your precious jewelry. With jewelry insurance, you can get it replaced.
Jewelry Is Often Stolen
Jewelry is one of the most frequently stolen items. It can happen in a burglary when you’ve left your jewelry “safely” at home, or it can happen when you are out and wearing your jewelry. At least if you know that your jewelry is covered by insurance, you’ll know it can be replaced.
Jewelry Insurance is Not Expensive
Contrary to popular belief, it is not expensive to insure jewelry. It can cost 0.5%-2% annually to insure an engagement ring or other expensive jewelry. This is a very small investment considering the cost of replacing or repairing jewelry. And it is usually possible to pay in monthly installments.
Don’t Rely on Your Homeowners Insurance
Although homeowners’ insurance can cover jewelry, it is part of the personal property portion of the policy. Homeowner’s insurance doesn’t usually cover the full cost of replacing jewelry and the coverage is usually a relatively low amount. If there was a house fire and jewelry and other personal property were lost, the amount covered by homeowner’s insurance would have to cover all lost items, not just your jewelry. Another advantage of getting a stand-alone jewelry insurance policy is that claims stay off your home insurance record, and won’t affect your home insurance rates.
What Pieces of Jewelry Should Be Insured?
Although you might have a jewelry box full of jewelry, some have more sentimental value or monetary value than others. It is recommended to ensure any jewelry that has an appraised value over $500. In particular, it is important to consider insuring engagement rings, wedding bands, bracelets, precious gems, charm bracelets, and any jewelry made with precious metals (gold, silver) or containing precious gems. It is also important to insure heirlooms and vintage jewelry. You should also insure jewelry that has sentimental value. Although a lost sentimental item won’t ever be truly replaced, the insurance could get you a comparable replacement to help keep your memories alive.
Why Is It Important to Insure Jewelry?
If the jewelry is lost or stolen, would you be able to afford to replace it? If the answer is no then you should consider insuring it. If the jewelry is damaged, could you afford to get it fixed? If the answer is probably not, then you should get it insured. The cost of jewelry insurance is so low that it makes sense to protect it with insurance.