Reasons Why Jewellery Insurance Is Crucial
Jewelry is precious. It is more than a mere accessory. Each piece inside a jewelry box tells a story. It is purchased with a great deal of time, care, thought and, of course, money. Even though some jewelry is by no means replaceable it is still crucial to insure it and the below explains why:
Jewelry is usually an expensive purchase and is often treated as an investment because it continues to appreciate over time. It is comforting to know that even though jewelry is often irreplaceable, especially the sentimental kind, a person can still get some or all of the monetary value back towards replacing it in case of loss or damage. Insurance protects this financial investment. A monetary loss should not occur in addition to sentimental loss.
Insured jewelry is enjoyed jewelry. With the exception of family heirlooms and invaluable items, insurance provides peace of mind and allows jewelry to be enjoyed to the fullest. Insurance means that jewelry does not need to be locked away when it comes time to travel or attend events.
Jewelry needs to be valued and appraised by experts to be insured. New jewelry comes with an appraisal certificate and diamonds come certified so their value is known. In the case of heirlooms, antiques, and second-hand pieces, this provides an opportunity to discover the jewelry’s’ worth.
Keep in mind you need the right insurance:
What is covered by insurance will depend on the policy taken and its terms. It is imperative to choose the right insurance provider with the right policy. The following questions should be asked when choosing insurance:
- Is the jewelry covered in case of accidental damage, mysterious disappearance, etc?
- Is the jewelry still covered if there was carelessness involved in its loss or damage?
- Is it covered if it is lost or damaged while in someone else’s possession?
- What will happen if only part of the jewelry is lost such as a stone?
- Can the jewelry be replaced through a jeweler of choice in case of loss or damage or only through a jeweler of the insurance provider’s choice?
- Is a cash payment an option in case of loss or damage?
- Is the full value of the piece covered?
- Does the insurance include all geographies, such as covering damage or loss during travel?
- What is the best coverage for the jewelry?
Additionally, to obtain the most appropriate policy, the insurers should be informed of how often the jewelry is worn, whether regularly or rarely.
Keep in mind once you have the policy:
- Keep proof of ownership (such as invoices) and valuation certificates safe in case of loss, damage, or theft of jewelry.
- Jewelry that is not worn must be kept in a secure place such as a safe.
- Jewelry must be evaluated every two years so the value in the policy is a correct reflection of the jewelry’s current worth.