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Why Buy Jewelry Insurance?
Diamonds and other jewelry can be quite an investment and taking care of this investment is very important. By buying jewelry insurance, you can better protect that investment, so that if it is stolen, lost, or damaged beyond repair, you will have a way to replace your jewelry. This is a very important facet of being a jewelry owner, simply because jewelry can be very expensive to replace or repair if it is lost, stolen, or damaged. There are several different ways to insure jewelry and you want to evaluate each way, so that you can better determine which jewelry insurance is best for you, your needs, and your budget. By doing your research before purchasing your diamonds and jewelry, you can be a more informed customer when you make your jewelry insurance decision.
Types of Jewelry Insurance
One of the most common ways to insure diamonds and other jewelry is via your homeowners or renters insurance. Normally, homeowner's insurance covers personal property up to a certain amount. It is important to make sure that it is enough to cover your jewelry, however. If not, you may want to consider a rider to your policy, which is an additional insurance policy to cover items that are not normally insured. Engagement rings normally fit in this category, due to their expense. Another way to insure jewelry is with a standalone policy that you purchase to insure diamonds and other jewelry. They may be offered by the same company as your homeowner's insurance is through or other companies that specialize in jewelry insurance. Warranties that are offered by the jeweler or manufacturer are another way that you can insure your jewelry against damage. This is sometimes included with your purchase or it may be something that you need to add on to your sale. Warranties don't cover loss or theft and will not cover damage that is considered abuse, so be sure that you read the terms carefully to make sure that you understand what is covered. By comparing policies, including what is and what is not covered, you can make the decision about jewelry insurance that is best for you and your needs.
Jewelry Insurance Policies
Jewelry insurance can be separated into two main policies. A replacement policy where the insurance company will pay to replace the jewelry piece or diamonds and a defined value policy where you and the company agree in advance how much will be paid if the jewelry is lost or stolen. This value is normally dictated by your appraisal or your original sales documentation. You will either be paid for the value agreed in the case of total loss or, if a stone is lost from a setting, the insurance company will pay to have it fixed at a jeweler of their choice. Make sure you understand what type of insurance policy that you are signing up for, so that there are no misunderstandings in the case of loss or damage.
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0.94ct SI2 / E