Antique pieces of jewelry, family heirlooms, and even engagement rings mean the world to us. So, it is important to ensure that you have some kind of protection or coverage for these assets. While some unfortunate accidents can’t be prevented, having jewelry insurance can help you recover some value of the item. Read on to learn about this protection, why it can be beneficial, and tips for choosing the right coverage.

What is jewelry insurance?
Jewelry insurance provides protection for precious gems as well as metals like gold, silver, and platinum. Such protection mainly covers theft, loss, and even damage to jewelry kept in certain safe deposit lockers. Based on the type of coverage, you can also get coverage for jewelry that is worn in person. In most cases, availing of jewelry insurance along with a home insurance policy is common. You can also access jewelry insurance as a standalone service or as part of renters insurance.

Why should one opt for jewelry insurance?
Pieces of jewelry are often irreplaceable due to the sentimental value that is attached to them. In most cases, jewelry can be family heirlooms, antiques, and even custom designs. That being said, even if the jewelry is lost or damaged, you may be able to recover part or all of the monetary value. Here are a few more reasons to consider opting for jewelry insurance.

Provides coverage for damage and repairs
One of the biggest benefits of jewelry insurance is that it does not only provide coverage for theft and loss but for a wide range of other things as well. This coverage typically includes any damage that occurs to the piece of jewelry as well as the cost of repair. In many cases, jewelry insurance will also cover wear and tear repairs that come with using the jewelry. A slightly bent prong or a loose gemstone is covered by most jewelry insurances. You may be able to get such repairs done for very minimal costs.

Cost-effective coverage
Another great benefit of jewelry insurance is that it is super cost-effective. You wouldn’t even realize that you are paying for jewelry insurance. Typically, a 1-carat engagement ring costs roughly $5000 in the country. Replacing this in case of theft or loss could mean dropping another cool $5000, which can be a very expensive affair. On the other hand, jewelry insurance costs only 1% to 2% of the jewelry value. So, you pay a measly amount but end up saving a ton of money in case of an unfortunate accident.

Allows you to have peace of mind
No insurance can help replace the sentimental value of a jewelry piece. But what it can do is help you recover the monetary value of the item insured. This form of assurance can help you wear your jewelry completely stress-free and help you enjoy and show off your investment.

What to ask before investing in a jewelry insurance policy?
Once you’ve decided to purchase a jewelry investment policy, you may want to take your time deciding which policy works best for you. Asking the right may help you make the right decision in this regard. You can start by asking about the kind of coverage that is provided under the jewelry insurance. Note that a lot of jewelry insurances do not provide full coverage, which means you need to clarify the kind of coverage you want and may need to request this option from the policy providers themselves.

Before you decide on the coverage and policy, it is best to get your jewelry appraised. Don’t forget to also ask about the appreciation and replacement rules when deciding on a policy. Also, note that coverage may fluctuate as the price of the gems and precious metals changes. Another thing that you should ask about is the claims process. How will claims be handled? Do you have to purchase a replacement and then ask for reimbursement? Or do you get reimbursed first? You can also ask about what proof of damage or loss is required to make a claim. Before deciding on a policy, don’t forget to ask about the exclusions of the policy. Ensure you read the fine print before making an investment.

Once you’ve decided on the jewelry insurance policy that needs to be taken, ensure you keep all related documents such as receipts, appraisals, and even photos locked away safely. These papers will be of great help at the time of making a claim and proving authenticity.