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Jewelry Insurance Explained
Jewelry insurance covers (somewhat obviously) your jewelry. Some pieces are adored and others forgotten. You would think that the pieces would be covered by your home's contents insurance. To a degree, yes, but nowhere near to the extent you thought and it is highly possible that you are vastly underinsured in this regard. Consider taking out separate Jewelry insurance if you are a man or woman who wants to protect their rings, necklaces, bracelets and watches.
Who is a potential candidate for jewelry insurance?
Most home contents insurance only covers jewelry to a limited amount, normally only up to $2000 (2008 figure) and of that total only half that amount can cover one piece. Most engagement rings and wedding rings far exceed those amounts so to be covered properly you will need to take out jewelry insurance. Each piece will have to be listed individually which may seem tiresome but will save you a lot of heartache in the long run.
Many pieces of jewelry have massive sentimental value, are heirlooms or were presents given by loved ones. The cost of replacing will take an emotional as well as a monetary toll if you are not insured adequately.
What typically does a jewelry insurance policy cover?
You are covered for loss, theft or damage of jewelry at your home and also on your travels. This should also include international travel but you still must file a police report when abroad. In the event of damage you can opt for the piece to be repaired or replaced. If the insured item is an antique and cannot be replaced then it will be repaired or full insured value will be given. A standard home insurance policy may not be as generous.
What typically does a jewelry insurance policy not cover?
Jewelry insurance normally doesn't cover loose diamonds or uncut diamonds mainly because their exact value cannot be determined accurately and fraudulent claims can easily be made. Jewelry insurance doesn't cover any new jewelry that is not listed in your policy. As soon as you buy or receive a new piece, look to get it insured immediately.
Additional coverage that policy holders might take out in this area
Jewelry insurance fully protects your jewelry items for every event and is comprehensive that no other insurance products are required to give you additional protection.
Additional coverage for a jewelry insurance policy
If you have a pair of earrings, or any item of jewelry that comes in a pair, if damage is suffered to one part you normally are inadequately covered. As an additional cover you should ensure that all pairs should be replaced in the event of theft, or damage to just one of the pieces.
Jewelry insurance is based on the accuracy and completeness of your declaration of jewelry assets to the insurers. Make sure you are fully insured by being as honest and as thorough as possible.
What will jewelry insurance typically cost?
To fully insure your jewelry you will need to itemize each item and give a full description. Often you will need to photograph the item too to facilitate a claim. As a general rule of thumb you will have to pay in the vicinity of 1.5%-3.5% of the insured value of the item for it to be covered comprehensively. The percentage is determined by your state of residence and by the policy you take out.
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