Whether it is a family heirloom many generations old, a treasured timepiece, or an engagement ring, most of us own jewelry that holds a special meaning. These pieces of jewelry can be a reminder of cherished moments, milestones that you have encountered and overcome, or a symbol of lasting love.
Jewelry insurance exists to protect your treasured items in ways that other types of insurance do not. It provides benefits that protect you from financial repercussions and personal, intangible loss in the event of theft, loss, accidental damage, mysterious disappearance, or natural disasters. In this guide, you will learn about the "why," "what," and "how" of jewelry insurance.
What is Jewelry Insurance Coverage?
The jewelry insurance coverage covers you against losses if your jewelry is lost or stolen, or damaged beyond recognition. You can schedule your jewelry on your existing homeowners or renters insurance policy if you only have a few watches, a wedding ring, or a handful of heirlooms. Doing so will list your jewelry items on your policy and not require you to pay a separate deductible when you want to file a claim.
If your jewelry's value is higher than what policy limits include, you can purchase a standalone policy or add a jewelry rider to your current homeowner's policy.
Why Do I Need To Purchase Jewelry Insurance?
Jewelry insurance can benefit you in the long term. Here's how:
· Jewelry insurance offers more specialization than other policies. Renters or homeowners insurance can protect you from property damage or loss; however, they are not enough to protect your jewelry. Many policies cover jewelry under certain circumstances, and others do not cover the total costs of replacing an item. Getting a separate jewelry insurance policy is ideal because if your jewelry gets stolen, lost, or damaged, the pieces can be compensated or replaced in total value.
· A Jewelry insurance policy covers damages and repairs. When you wear jewelry, it will likely be damaged by wear and tear. Jewelry insurance covers damages, repairs, and replacements for lost parts.
· Insuring your jewelry gives you peace of mind. When you know that your expensive jewelry is insured, you are less likely to be stressed about what to do should it get damaged, stolen, or lost
· You can travel worry-free. Traveling while wearing an expensive piece of jewelry can put you in a constant state of worry and prevent you from participating in certain activities. Most jewelry insurance policies offer worldwide coverage for damage or loss, so you can go on holiday and leave your worries at home.
· Jewelry insurance protects your memories. You are on vacation, and your new diamond engagement ring slides off your finger during snorkeling, never to be seen again. This is sad, but a jewelry policy covers the cost of a replacement ring.
Who Should Buy Jewelry Insurance?
If you are purchasing a significant piece of jewelry, perhaps a wedding band or an engagement ring, if you own heirloom watches, rings, or necklaces passed down many generations, or if you have a valuable jewelry collection, you should buy jewelry insurance.
Many individuals believe that it is automatically covered under their homeowner's or renters' policy once they purchase jewelry. While this may be true, there are some exceptions. Many homeowners' and renters' insurance policies provide coverage under certain circumstances and at a certain point. Conversely, jewelry insurance covers items not covered in standard procedures, so you can rest easy knowing that your high valued items are fully protected.
Before proposing to your significant other, you should buy engagement ring insurance. While you can cover the engagement using your homeowner's policy, purchasing engagement ring insurance ensures that you get a more comprehensive approach.
How Does the Policy Work if Something Happens to my Jewelry?
If your jewelry gets lost, stolen, or damaged, you must file a jewelry claim. If your jewelry were stolen, you would have to file a police report first and submit the information with your claim. After that, you will need to file a claim with your insurer either by calling your insurance provider or online.
After filing a claim, investigations will begin, and once they are done, you might have to pay a deductible. After that, you will receive instructions on where your reimbursement check will be issued, where to pick a replacement item, or where to drop off your damaged item for repair.
Benefits of Having a Jewelry Insurance Policy
Having a policy comes with several benefits, including:
· No coverage limits: Most homeowners' policies have a limit amount for personal property such as furniture, household goods and appliances, and clothing. If your jewelry pieces are worth a substantial amount of money, adding the value of those pieces to your property may exceed your coverage limit. A standalone jewelry insurance policy keeps your valued jewelry pieces separate from your other belongings. It also provides comprehensive coverage with a $0 deductible.
· Various ways to receive payout: With a policy, you can receive a payout in two ways: replacement cost or cash value. If you opt for the latter, your insurance company will pay you the value of your jewelry minus depreciation. If you opt for the former, you will receive a check that covers the cost of replacing your lost or stolen valuables with new ones.
· Insuring jewelry under a policy is easy on the pocket. When people read about jewelry insurance, they often ask, "how much does jewelry insurance cost?" Well, rates are based on various factors, such as the size of your deductible and where you live; however, for most individuals, jewelry insurance will cost one to two percent of the value of their jewelry. For instance, if you have a $5,000 engagement ring, you should expect to pay anywhere between $50 and $100 per year for ring insurance.
· A policy requires you to undergo an appraisal. A jewelry appraisal determines the exact value of your entire piece. An appraisal ensures that your jewelry's value is not over-inflated. You are not under-insured; therefore, you should ensure your jewelry pieces for their current replacement value as this is crucial to replacement or repair. This will ensure that you get compensated for the exact value of the item. Jewelers Mutual recommends getting an appraisal from your jeweler every two years as this will help you should you have to file a claim.
Jewelry insurance companies exist to safeguard your jewelry in case of loss, theft, or damage. Get your valuables insured and enjoy the security of knowing that you will be compensated if anything wrong happens. Do not walk around wearing uninsured jewelry.
Are You Ready to Get Your Jewelry Insurance in Dallas, TX? Call Thumann Insurance Agency Today!
In the United States, 6 in 10 individuals say that their engagement rings are uninsured, even with coverage costs as low as $12 a year. Given that disaster can strike at any moment, insuring your engagement ring is a wise decision, and Thumann Insurance Agency can help. Our agency provides jewelry coverage, allowing you to insure your valuables independently and from your homeowner's insurance policy. You should be able to wear your jewelry for any occasion without having to worry, and with us, you can train at the gym, go underwater diving, and travel the world, all while wearing your jewelry and knowing that it is covered.
We understand that your diamond ring, gold necklace, or gemstone-filled pendant may be your most precious possessions, so why not protect them with jewelry insurance. We provide ring insurance, which saves you financially should anything happen to your ring. Our agency offers an all-risk policy covering everything from mysterious disappearance to unexplained loss. Our policies are tailored to your requirements, and we provide affordable and comprehensive coverage.
Jewelry is a significant investment and having the best jewelry insurance on your side puts your mind at ease. Contact Thumann Insurance Agency at 972-991-9100 today; we are committed to serving the jewelry industry and providing reliable coverage for all our clients.