Jewelry Insurance
The purchase of authentic platinum, gold, silver and gem jewelry involves a lot of careful consideration and a major investment. Surprisingly, the typical home-owner's or renter's insurance policies do not cover the loss or theft of your property completely, under a single 'full coverage' plan. There are policies designed to cover jewelry theft, but not loss and this makes it necessary to research and find out about the other options you have to protect the investment, which most of the time is family heirloom. Loss or theft are not preplanned occurrences and hence it is always better to be safe than sorry when it comes to your precious jewelry.
Factors to Consider in the Jewelry Insurance Policy
There are a number of renter's and homeowner's insurance policies that do cover your valuables to a certain extent. First, consider that which is covered. In this way you can save on an unnecessary second coverage and the premium amount that you are required to pay the company monthly, quarterly, semi annually or annually. The clubbed coverage within the typical homeowner's or renter's insurance policy is never more than $1000. You need to consider a policy that covers loss of jewelry for reasons other than theft, too, like in the case of loss or damage. It pays to conduct a little prior research on the various companies that offer exclusive coverage.
Need for Additional Jewelry Insurance
You should always read the policy document carefully and inquire with the agent about the different types of losses that are covered on the standard policy. In case of doubt or identified special need, you can purchase additional insurance for your fine jewelry. However, you should do so only after a personal meeting with the provider and a good understanding of the coverage. You need to check if there are deductibles and if so, what the amount is. Remember: Raising or lowering the deductibles does affect the policy cost. You also need to check whether an appraisal is required to establish the true value, prior to obtaining insurance.
Types of Jewelry Insurance
There are different types of coverage offered by different companies. There is coverage for items specified, irrespective of where the damage or loss takes place. Some also cover a loss that occurs during domestic and international travel. The other options are covers for full replacement of actual cost via a cash settlement and policy covers that take care of repairs to damaged jewelry. There are companies that provide cover specifically for jewelry only and make their policies available through independent insurance agents and retailers.
Essentials You Need to Ensure
It is recommended to always get the jewelry appraised by a licensed appraiser only. Appraisal is mandatory for effective coverage. Check for loose diamonds and gems prior to signing on the dotted line. Remember that coverage is not available for unset stones, damaged items or even antique jewelry, in some cases. Personally discuss and determine the required protection policy with the agent. Avoid any transaction with middle men. Opt for personal insurance for your ornaments that covers repair and replacement. You may have assimilated pieces of the collection over the years from different jewelers and from different parts of the world, but when it comes to insuring, the estimate of the valuables owned must come from one, trusted jeweler only.
A good jeweler will enable you to identify loose stones, faulty clasps, worn prongs and other minute problems. The jeweler will also be able to give you the approximate current value and the corresponding coverage you need to invest in. Inspections are a great way to have your jewels cleaned and sparkling. Jewelry insurance is the best way to ensure the safety of family heirloom and secure your investment in the precious metals and gems.
