Imagine spending a year’s salary on a wedding ring or receiving a pearl necklace as a family tradition. You would want to take every precaution to protect the jewelry from being damaged or stolen, not only because it’s expensive, but also for its sentimental value. You can get jewelry insurance to guard your gems.
Here’s a guide to jewelry insurance that will help you make an informed decision:
1. Which Insurance Policy Should I Use?
Most renters and homeowners insurance policies offer partial coverage for jewelry. If your jewels are stolen or damaged in a fire, the insurance will cover it. However, these policies don’t cover wear and tear.
You can also opt for the “extra coverage” policy at a little extra cost, specifically meant for such precious items, where the insurer pays back the full amount if your gems are stolen or damaged. Extra coverage also includes accidental damage, which other policies don’t cover.
2. Who Is Covered Under Jewelry Insurance?
Your jewelry insurance policy will cover anyone related to you by blood or marriage (or adoption). If your roommate is not a relative, your renters policy will cover only your losses.
You can add someone to the list of those who are covered at some extra cost. Depending on the insurance agency, sometimes it may be cheaper to get two separate policies instead.
3. How Do I Go About a Jewelry Appraisal?
To get insurance for jewelry that you own, you need to get it appraised to estimate its value based on market research. The appraiser should determine and record the gem’s weight, dimensions, clarity, and color, whether the stone is natural or synthetic, and if natural, its geographic origin.
It’s a good practice to get the jewelry cleaned every year and check if any precious stones are at risk of falling out. An appraisal is typically done every five years.
If you want to guard your gems with jewelry insurance, follow this handy guide. In these unpredictable times, having insurance is more than just a safety net. Contact the experts at Promised Land Insurance Group for assistance with all your homeowners insurance needs today.