jewelry insurance policy

7 Questions To Make You Settle For The Right Jewelry Insurance Policy

jewelry insurance policyA jewelry insurance policy is one of the many policies being offered by various companies. It is evident that jewelry make us look good, feel good as well as enhance our self-esteem. We spend a lot of finances to purchase this jewelry. In some cases, most are sold at exorbitant prices. For instance, if you analyze most shopping outlets, you will agree that indeed the jewelry are precious wearables. Is there need to enroll your jewelry in an insurance plan? Are they too expensive? Well, regardless of the kind of jewelry you have whether a bracelet, a necklace or a ring, enrolling in an insurance scheme is the best option.

1.  What is covered in jewelry insurance?

Unlike other types of insurance schemes, like home insurance, auto insurance and life insurance, getting a jewelry insurance is a huge milestone. What does that mean? It means that those beautiful gifts you receive from friends and relatives will now be secured. You will have less worry in terms of theft, wear and any damage that may occur. We all want to keep our valuables in good condition, don’t we? The sparkling nature in them is what fascinates us most and to maintain it, a good plan must be laid down. Majority of the participants are unware of what is really covered in by the Jewelry Insurance. Here is a list of services offered by the insurance; –

  • Loss- How many times have you misplaced your best ring? Was it so expensive such that you felt to have lost something precious? Well, with this insurance policy, you are in a position to reclaim your jewelry in case you misplace it.
  • Theft- Nothing catches the attention of a thief more than a precious item. For instance, if you are fond of wearing gold and silver jewelry, you will agree with me that sometimes you feel scared when walking on the streets. In some places, it is dangerous such that one can cut off your finger just to get away with the precious jewelry. However, with the insurance policy, you won’t be scared wearing that glaring bracelet to your favorite function.
  • Damage- human beings are funny creatures as we are in constant motion. How many times have you fallen down? What about hitting your hand on the table or hitting your head on the wall? We are prone to minor injuries in our workplaces and at our homes. When accidents occur, the jewelry we wear may get damaged or loose shape and color. In the process, we may never feel it’s worth again. Have you been engrossed in such a scenario? Well, worry no more as the jewelry insurance has covered all that.
  • Disappearance- Have you ever placed you ring on the table and the next minute its gone? You are not sure whether it was stolen or misplaced. With the jewelry insurance cover, you are in a position to reclaim you precious item instantly.

2.  How will the jewelry be replaced?

Are you in a paradox of dilemma since you lost your treasured jewelry, and you are wondering how you can replace it? Does the process seem to be long and tedious? Well, the process of reclaiming your lost item is very simple and straight forward. All that is required is a receipt of the payments and the purchase receipt. However, you are required to give facts on what really happened to your jewelry. Once all the details are provided and the insurer is convinced, you are given a specific date in which the item will be delivered to you.

3.  What considerations are available in case of antique jewelry?

Sometimes we may lose a precious item that was given as a gift. It becomes tricky to ask for an insurance for a gift given and you truly feel it may not have the same meaning as the original gift. In such a case, you may ask for cash instead. However, the insurance firm will only give a percentage of what the item’s value and not the real amount. Mostly, what is offered is the standard price of similar items in the market.

4.  Is the insurance full cost or a fraction of it?

What type of jewelry have you insured? Is it a gift? Is it a wedding ring or you just bought it for decoration and sheer fun? These are the basics the insurer considers. For instance, if you are enrolling for an insurance and you produce a gift, only a certain percentage will be given in case of loss. On the flipside, if you take an insurance for a wedding ring that was bought for a purpose, you will be compensated another ring in case it gets lost. Besides, there are various parameters the firm considers such as authenticity, price and frequency being considered for compensation.

5.  What proof is required to make a claim?

The process of making a claim is considered as the most scurrilous as many procedures will be applied. They must ascertain that really you are eligible to be awarded a claim made. This can be done through follow ups as well as referrals. You need to know what type of proof will be required of you in case of anything happening to your jewelry.

6.  Are there any uncovered circumstances?

Jewelry insurance is very specific and deals with precious items only. In case one is engrossed in a loss where other items are lost, then a waiver may be applied. Well, this may vary depending on the terms of agreement. The question is are there circumstances when jewelry is lost or damaged that are not covered by the policy? If there are, then it is important to know those circumstances before you choose to buy that policy.

7.  What are the conditions for discounts being offered?

jewelry insurance deductibleDiscounts for any property insurance may come with conditions. It is important to examine discount conditions for jewelry insurance. One condition could be your security system. How safe do you keep your jewelry when not wearing it? The discount offered will depend on the security system you have. Another discount condition could be whether you have chosen to keep your jewelry in a bank safe or vault for a considerable period. Choosing to stick to your insurer for a particular period of time may also bring discounts to your jewelry insurance policy. You need to examine these issues in order to settle for the best company to insure jewelry.


It is prudent to seek clarity before enrolling in any insurance program. You should be satisfied with answers given to the above questions before you buy your jewelry insurance policy. Do you have a jewelry you would like to insure? Well, take advantage of the prime opportunity that is offered by the jewelry insurance providers firms.

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