Engagement rings, heirloom jewelry, and wedding rings are all items that we hold incredibly dear. While we often store these in a safe in our house, we might lose them in the event of a theft or house fire. Hence, taking the right precautions to protect them from harm is essential. This can include taking out jewelry insurance that ensures all-around protection of these valuable items.
How jewelry insurance works
Most homeowners in the country opt for a home insurance policy. While this policy can be used to pay for jewelry repair or replacement after a house fire, it provides limited coverage of up to $1500. In addition to jewelry, this amount can be used for watches, furs, and semiprecious stones.
On the other hand, jewelry insurance provided by specialized companies can provide more comprehensive coverage compared to a home insurance policy. For instance, they can help cover preventive maintenance measures such as clasp replacement or stone tightening. Further, they also pay for any jewelry pieces lost in floods, earthquakes, and other scenarios listed in the policy.
What it covers
In most cases, separate jewelry insurance can cover loss, theft, and damage. So, for better clarity, here is a list of kinds of jewelry that are covered by separate jewelry insurance:
While specialized companies cover the items mentioned above on an “all-risk” basis, they may not pay for the damage caused by scenarios not mentioned in the policy. This comprises wear and tear, intentional loss or damage, manufacturer defects, and damage caused by rodents and vermin.
Need for jewelry insurance
There can be various reasons why one may need jewelry insurance. A few reasons are listed below:
Jewelry insurance companies to check out
Here are a few top jewelry insurances companies that one can check out:
Generally, stand-alone jewelry insurance costs 1% to 2% of the value of each item. But the policy’s price can differ depending on factors such as location, number of pieces, and the deductible amount.
Subscribe Newsletter
Enter your email to receive daily updates