Do you own jewelry that is worth protecting? Whether it’s your grandmother’s necklace or an expensive ring, you want to make sure it remains safe and secure. Insurance is a great way to do this, as it can cover the cost of loss, damage, or theft of your jewels. But, what is jewelry insurance, how much does it cost, and what type of coverage do you need? We will answer these questions, and provide tips from Paul Martin, an independent agent and insurance know-it-all.
Jewelry insurance is coverage for your valuables that covers loss, damage, or theft. This could include pieces such as rings, earrings, necklaces, watches, etc. It is important to note that it does not cover normal wear and tear, but it will provide protection if something unexpected happens. Knowing this, you can be rest assured that your jewelry will be taken care of no matter what.
The cost of jewelry insurance can vary depending on factors such as the value of the item, the type of coverage, and where you live. Generally speaking, jewelry insurance premiums are usually between 1-3% of the item’s appraised value. It is also important to note that most insurance policies have a deductible which is the amount of money you have to pay before the insurance company starts covering the cost. Deductibles can range anywhere from $0-$500.
There are a few different types of coverage that you should look for when you purchase jewelry insurance. Replacement cost coverage will help to replace your items if they are lost, damaged, or stolen. It is important to make sure that the policy includes coverage for theft during moves or trips, as this is not always included in the policy. Additionally, you may also want to look for accidental damage coverage, which will help to pay for repairs if your jewelry gets damaged.
Paul Martin, an independent agent and insurance know-it-all, recommends that you shop around for different policies to find the right one for you. Additionally, he suggests that you have your jewelry appraised and keep a copy of the appraisal with you in case of loss or damage. Finally, make sure that you read the fine print so that you understand all of the terms and conditions of the policy.
Insuring your jewelry is an important step to take when protecting your valuables. Remember to shop around, get appraisals, and read the fine print so that you make sure you are getting the right coverage for your needs. With the right policy in place, you can rest assured that your items will be protected no matter what.