Protecting Important Keepsakes: Jewelry Insurance

We utilize insurance to protect the most important and expensive things in our lives. Everyone knows that they need auto and home insurance. What about jewelry? Insuring jewelry is unknown to many people despite the high cost. The average cost of a wedding ring in 2018 was $7,829. Jewelry is highly susceptible to damage, loss, or theft. Many people take their rings or bracelets off to wash their hands, put on lotion, or go swimming. Sometimes stones fall out of their settings or the clasp on bracelets or necklaces break. Jewelry is one of the most commonly stolen items from a home break in. It is possible to lose jewelry in any of these situations. So how do you protect your important jewelry?

Most insurers have different options for insuring your jewelry. An ideal plan will cover the full value of your jewelry in the event of damage, theft, accidental loss, and mysterious disappearance.

Mysterious disappearance

This is when your jewelry goes missing but you are unsure if it is misplaced or stolen. Let's say you go on a vacation and bring a diamond ring with you. You’re pretty sure that you put it in your jewelry box inside your suitcase but you’re not 100% sure. It could have been stolen out of your hotel room but you’re not sure. This is an example of mysterious disappearance.

Accidental loss

When you lose your jewelry by mistake or it becomes unretrievable in an accident is known as accidental loss. You and your family decide to go to Disney World for a vacation. Your riding a roller coaster at the park when the clasp on your gold necklace breaks. The necklace files off your neck while riding the coaster and you know there is no getting it back. This is one example of accidental loss.

Coverage Area

Make sure that your jewelry coverage is worldwide if you are planning on traveling outside the country. It is very easy to misplace your belongings while traveling because your routine is often different than when at home. When traveling your jewelry is more at risk of theft than when at home.

Cost of Jewelry Insurance

Like care insurance your rate will vary on how often you wear your jewelry, where you live, and your insurance deductible. Typical rates of jewelry insurance are usually around 1-2% of the jewelry's value.

Making sure you have proper coverage for your jewelry is important. If you have any questions about jewelry insurance or your coverage give us a call today at (423)296 -0626.

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