Companies that Insure Jewelry

Most insurance companies will cover your fine jewelry for you. While you do have some protection under your homeowners policy, there are limitations, especially in the case of very old or very expensive jewelry. It is always wise to consider insuring priceless heirlooms on their own policy. Of course, the most basic rules of insurance shopping applies: know how much coverage you actually need, know exactly how much coverage you need, and know which company will offer you the best price for this coverage.

Companies that insure jewelry all basically agree on a few other points as well.

You should start with an appraisal of your jewelry, and photograph it. They also recommend having a safety deposit box, and frequent reassessments to account for market fluctuations. Also be sure that your jewelry is being insured for the proper amount. Though no amount of money will completely compensate you for your grandmother’s wedding ring, the sting of the loss will be far worse if you feel like you got “shorted” on the loss pay out.

Find out exactly how much your homeowners policy covers for personal belongings and consider whether you do need the additional, separate policy, or if a rider to your original policy will be okay. If, for instance it is only a few pieces of mid priced jewelry, then your homeowners policy will cover it. However, if there is decidedly more, or higher end items, then it will probably not be adequate to replace the value of this jewelry in case of a loss.

Companies that specialize in jewelry insurance will cover your items for a wider range of claims than your standard insurance agent will. Homeowner’s policies will cover you, but will limit such things as damage and loss. If you are wearing your jewelry on a daily basis, then the change of breakage does go up. If there is breakage, you need to know if a repair is covered and how to get that accomplished if it is. Some companies will make you take your item to several places, (of their choosing) for estimates. With the better, more specialized jewelry insurance agents, you can pick your own repair person, someone that you are comfortable and familiar with. Jewelers Mutual insurance agency is one that offers this amenity.

These companies, like any other insurance company offers discounts for certain things such as an alarm system, fire proof safe or any other item that will protect the insured item from damage or loss.

They will also recommend or even require timely inspections on an ongoing basis to make sure that items are in good repair. Having your things inspected during professional cleanings, for instance is just a good idea. It also protects you in case there is damage caused during the cleaning process itself.

In the end, you know that nothing will fully replace your special jewelry, no matter how good the insurance is. Your items usually have special meaning for you, which is priceless and not covered by any company, no matter how caring and how good they are.

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