- WHY DO I NEED JEWELRY INSURANCE?
- WHAT JEWELRY SHOULD I INSURE?
- WHAT DOES JEWELRY INSURANCE COST?
Now that the holidays are over and the decorations have been taken down, the last item to check off your list is insuring your new jewelry. We’ve partnered with Jewelers Mutual and can now provide you the security to keep the holiday magic alive and rest assured all year that your jewelry is protected.
WHY DO I NEED JEWELRY INSURANCE?
Like any other type of insurance, it’s crucial to expect the unexpected. While your Homeowners Insurance policy may advertise that jewelry is covered, it doesn’t always cover everything you may need for your jewelry needs. Unlike your typical Homeowners Insurance policy, Jewelry Insurance can cover damage, disappearance, protection for your jewelry in the event of a flood or earthquake, and provides coverage during worldwide travel. A Homeowners policy only covers theft and other damages covered under your contents coverage; this coverage is limited to $1,500. If you choose to just use your Homeowners policy to protect your jewelry, a claim for lost or damaged pieces could be impeded by coverage limits and could also affect your policy as a “Homeowners Insurance claim.”
For certain pieces that could go up in value over the years (like gold or diamond jewelry) it’s also important to have these appraised and insured at their proper value so that you can replace or repair the piece in case of an unexpected event.
WHAT JEWELRY SHOULD I INSURE?
Not all your jewelry needs to be insured; Wiglesworth-Rindom recommends that you give special consideration to schedule items when their combined value exceeds the special limits of $1,500 on your policy. Pieces that hold sentimental value, even if they’re below this value should also be considered for protection; other items like engagement rings and wedding bands should be on the top of your list to protect. Other pieces like bracelets that are more susceptible to damage and catching on things, rings with pave or invisible settings that could result in lost diamonds, and charm bracelets since individual charms can increase the value.
Bottom line: if you’d be devastated about sentimental loss or would be unable to cover the cost to replace it — you should insure it.
WHAT DOES JEWELRY INSURANCE COST?
While jewelry can be priceless, Jewelry Insurance can start at low prices with $0 deductible depending on the piece being insured. Most insurance policies only cost 1-2% of the value of each piece. When looking at an engagement ring as an example, a $6,000 engagement ring would cost between $60 and $120 to insure — which is still cheaper than replacing the ring in 50 years. Jewelry policy deductible options start with $0, $100, $250, and $500, and you can find the plan that’s right for you.
If you had the joy of giving this holiday season, or are planning a special gift for Valentine’s Day, get in touch with an agent at Wiglesworth-Rindom Insurance to add Jewelry Insurance for peace of mind! At Wiglesworth-Rindom we’re here to make insurance easy; our agency has been voted the Best in Palm Beach and the Treasure Coast. Get protection and start your quote online now by clicking here or call us at 561-637-2424 to speak with an agent!