Jewelry insurance likely runs second to pre-nuptial agreements in romantic mood killers. Who wants to think of insurance agents and appraisals moments after receiving an engagement ring, stunning birthday bracelet or their grandmother’s pearl earrings? And while we’d hate to dampen the emotions of any of those occasions, there are other emotions to consider: those upon walking into a ransacked house on a Saturday night. Let’s weigh the happy tears against the devastated ones.
Jewelry Insurance Prevents Gaps
Jewelry insurance protects you against both heartache and financial turmoil. High-dollar jewelry items quickly exceed limits on unscheduled (not individually listed) property covered in homeowner’s and renter’s insurance policies. This leaves you paying for any additional replacements out of pocket … or not replacing items at all. Everything from engagement rings to watches really belongs on individual riders.
Details … Details … Details
Getting a simple jewelry insurance policy for full value doesn’t always mean full protection. Read the fine print! Does your policy cover only theft and loss, or also a five-second, mangling spin in the garbage disposal? If insuring a custom piece, can you return to your original jeweler or must you settle for an agency-selected “comparable” replacement? These questions should all be answered before you purchase a final policy.
Most companies require certified appraisals of all insured jewelry. You must typically obtain an appraisal outside of the store where you purchased your piece. Make certain all appraisals clearly communicate individual elements details – especially if you’re purchasing a policy covering damage. When you notice a missing diamond in your bracelet, you’ll want a same certification for a replacement.
Jewelry insurance completes your jewelry purchase. When you’ve been in business as long as we have, we’ve heard the heroic and horrific tales from many customers. So take our advice: enjoy your new piece and celebrate, and then promptly secure it.
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