Best Tips for Insuring Your Jewelry

Insurance is useful for a broad range of scenarios and aspects of our life. From life insurance to auto insurance, we’re all familiar with the concept, especially when it is required by law. However, there are a few details we may be ignoring, those of which can really be devastating when something does go wrong. Many of us have pieces of jewelry we hold very dear, particularly our engagement and wedding rings. These items not only hold great sentimental value, but also financial value, the cost of which can be crippling when it comes time to replace them. If you’re considering purchasing an insurance policy for your jewelry, here are just a few tips.

Extending your pre-existing coverage – many find it easy to purchase coverage for their jewelry by adding on to a policy they already have. Many renter or home owner insurance policies will offer you an extension to cover your jewelry, and high value items specifically. This can help keep the cost down, although there are other options for jewelry insurance. There are some providers that specialize in jewelry insurance, which you may find have more agreeable policies. Depending on your needs, requirements, and the amount you want insured, you will need to consider all of your options.

Read the fine print – as with any policy, you want to be sure that there are no surprises, especially when it comes time to file a claim. Make sure that everything you need is covered, and be sure their customer service will give you the support you’ll need in a time of crisis. You may find that some policies will cover every scenario, such as accidental loss, and not just theft exclusively. This is the most ideal level of coverage, as you may be more likely to lose your ring than to have it stolen. Also ask how you will be covered, for example, will you receive a check for the value of your ring, or will you have to purchase an equivalent from an approved jewelers? In addition, what evidence do you need to provide in the event of loss, in order to file a successful claim? Losing your ring can raise some conflict with insurance providers, which is why you should be sure what you’ll need to provide if the scenario arises.

Take necessary steps – you can lower the cost of coverage by taking precautionary measures to protect your jewelry. For example, having a safe to store your jewelry in when not in use is one of many options you can choose. You will also need to have your jewelry appraised, to determine it’s exact value at the time of purchasing your policy. You may need to have the appraisal done by a jeweler approved by the insurance provider. The amount which your jewelry is valued will be the exact amount you will be covered for. If you have vintage, antique, or unique pieces, make sure the appraisal is fair, as you will need those funds to replace your pieces.

This guest post was written by Holly Adams from Visit for John Lewis discount codes before you shop for jewelry.

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