Do you have a collection of jewelry that’s worth a fortune? Or are you the owner of a multimillion jewelry store in town? It doesn’t matter what type of jewelry you own. It is important to ensure that they are protected.

The problem is that most people shy away from insuring their jewelry because they fear the cost of insurance. Some may fail to get insurance covers for their jewelry simply because they don’t think it’s worth the hassle.

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The truth of the matter is that jewelry insurance is almost similar to other types of insurance. It is not as costly as you might think – in fact, you might be surprised how affordable jewelry insurance is.

For those who are still wondering whether jewelry insurance is worth the hassle, the answer is yes. Purchasing an insurance policy is the best protection you give to your jewelry store or collection of jewelry in your home.

Understanding Jewelry Insurance

Jewelry insurance can be described as an insurance policy meant to cover any loss or damage. The insurance company is mandated to reimburse any financial losses that result from theft, damage, or mysterious disappearance.

In exchange, you will be required to pay a certain amount of insurance every month to the insurance company.

Different insurance companies may charge differently in terms of premiums. The charges are dependent on certain considerations.

Is Jewellery insurance protected by homeowners’ insurance?

Yes, your jewelry is protected under your homeowners’ insurance. However, it is limited to a certain number for causes such as theft and is capped at $1,500.

If you have expensive jewelry at your home, then the best way to protect them is by getting an additional insurance policy. This will ensure that all your jewelry is covered in case of a fire outbreak or theft of any kind.

Another alternative to protecting your jewelry is by opting for comprehensive insurance. This type of insurance covers a wider range of risks as well as high-value items such as jewelry. It is also known as scheduling property.

The scheduling process involves making a list of each item in your house together with their value. The insurance company will do an appraisal to determine the value and the number of insurance premiums you will be required to pay every month.

What does jewelry insurance cover?

Most people don’t understand exactly how jewelry insurance works. Sometimes you need an expert to explain certain aspects of jewelry insurance.

When it comes to jewelry, most people’s concern is how to keep them safe and prevent them from being stolen. It can give you sleepless nights when you know that you have high-valued jewelry in your home without any form of protection.

Fortunately, jewelry insurance is designed to give jewelry owners peace of mind by covering for the following:

  • Theft through pick-pocketing or break-ins
  • Mysterious disappearance
  • Any form of damage caused to the jewelry
  • Destruction through fire

How to ensure your jewelry

The first step towards ensuring your jewelry includes contacting an insurance agent. The agent will take you through the entire process of having your jewelry fully insured.

Below are some of the things involved in the insurance process:

  • Understand what jewelry you want to be insured. Before you even call an insurance agent, you should have in mind what you exactly want to be insured. This will make it easy for the insurance agent to fast-track the process.
  • Schedule for an appraisal. There’s no doubt that most local jeweler has some level of expertise in appraisals.

If there is none, then talk to your agent to hook you up with one. An appraisal is normally conducted because the insurance company will want to know each item’s exact value or jewel. Some insurance companies might recommend their own experts to carry out the valuation process.

  • Do the paperwork. The next step will be to present the official verification documents from the valuation team to the insurance company. They will go through them and get the ball rolling.

Cost of jewelry insurance

Several things determine how much your jewelry insurance will cost. For instance, it will depend on the value of the jewelry you want to insure, location, and several other factors.

On average, insurance companies charge from $1 – $2 for each $100 cost of replacement. In a situation where the cost of jewelry is $10,000, then the insurance premium may be about $150.

In case you have several items scheduled, then the cost can increase by several thousand, if not millions per year.

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Is jewelry insurance worth it?

If you own jewelry worth thousands of dollars and the risk of losing them is high, then you absolutely have every reason to insure them. Why should you keep worrying that you might lose them if you can cover them through an insurance policy?

All manner of risks sometimes surrounds it isn’t easy to guarantee our property’s safety, including jewelry. The only way you can have peace of mind is by getting a reliable jewelry insurance cover.

Choosing a jewelry insurance company

Several insurance companies claim to offer jewelry insurance. That may present a challenge when it comes to choosing the right one.

Below are some of the things to consider to make the right decision

  • Experience – You don’t want to insure your precious jewelry with a company that just started operating yesterday. Find out how long the company has been in business.
  • License – Another thing you should check is the license of an insurance company. This will give you confidence – knowing that the company is qualified to offer insurance services in your area.
  • Customer service – From the first day you contact an insurance company, you should tell if they are serious about what they are doing or not. For instance, how responsive are they? Do you have to remind them about certain things constantly?

In a nutshell, jewelry insurance is as important as any insurance. It gives you peace of mind – knowing that you will recover your jewelry even after being stolen or damaged.