So you’ve decided to insure your jewelry, but you don’t know where to start. Well, the first thing to do, and perhaps the most important, is to find the best jewelry insurance company. You’ll have to look at the company’s specialized fields, its reputation, and especially the policies they offer. The best company to insure engagement ring, wedding bands, necklaces, bracelets, and other valuable jewelry will also have to offer quality service, and reasonable prices.
What To Look For When Choosing a Jewelry Insurance Company
- Reputation – You will be relying on this company to protect valuable possessions, so you cannot simply choose the company with the most attractive website, or appealing adverts. You need a company with a history—one with a reputation for quality, reliability, and honesty. Read reviews and find out which insurance companies jewelers trust. There are several jewelry insurance companies that are constantly ranked highly, and these are the companies you should consider using.
- Specialization – Some excellent insurance companies specialize in car or house insurance, but you need a company with experience insuring jewelry. Don’t make the mistake of using homeowners insurance to protect your precious jewelry. Homeowners insurance is intended for insuring homes and the coverage it gives jewelry is minimal. A jewelry insurance company will offer policies exclusively for jewelry and luxury watches.
- Customer service – Choose a jewelry insurance company that is easy to contact online. Find one that has an accessible website where your queries are answered. Part of having good service is providing a website where you can get a free quote, buy your policy, and make insurance claims online. You will want a jewelry insurance company that can be contacted by live chat and by email.
- Good Prices – The budget is not the most important aspect of jewelry insurance but it is definitely something to consider. Get an online quote for jewelry insurance from several companies, and compare what you will be getting for your money. Make sure you’re comparing apples with apples. The average cost of jewelry insurance is 1%-2% of the value of the jewelry, but some jewelry insurance companies will offer you premiums as low as 0.5%.
What Does The Policy Cover – What Do You Get For Your Money
A good jewelry insurance company will cover the basics of theft, loss, damage, and unexplained disappearance. However, an excellent jewelry insurance policy will also include:
- Up to 125% of replacement value coverage – most jewelry insurance companies cover 100% of the replacement value which is great. But there are always unforeseeable problems when it comes to repairing jewelry or replacing it with a piece of the same quality. Choose a jewelry insurance company that offers 125% of the replacement value – just in case.
- No deductible – some policies require you to pay an amount out-of-pocket before the settlement of a claim kicks in.
- Worldwide coverage – even if you’re abroad, on holiday, or on an overseas business trip and your jewelry is stolen or goes missing, your insurance should cover it. Not all jewelry insurance policies cover your jewelry when you are out of the country.
- Free additional insurance at different addresses – Don’t get your jewelry insured by homeowners insurance where your valuables might only be covered if something happens to them at your home address.
- Preventative maintenance – This is a wonderful added bonus that some jewelry insurance companies include in their policies. With preventative maintenance insurance you can get your necklace clasp replaced, the prongs on your ring setting tightened, your pearls restrung, stones tightened, and prong re-tipping.
- Monthly or annual payment options – Some jewelry insurance companies insist that you pay your premium annually. This might be difficult for you to afford as one lump sum. On the other hand, you can usually get a discount by paying your insurance premium annually instead of monthly. Choose a jewelry insurance company that offers you the option of monthly and annual payments so that you can choose what suits you best.
- Free annual insurance value updates – The value of precious metals and gems fluctuates and your jewelry could be worth more than it was when you originally took out your insurance policy. It is important to regularly update your policy to reflect the true value of your jewelry. If the wrong value is written in your jewelry policy, then in the event of a claim, you might not be covered for the actual current value of replacing your jewelry. Choose an insurance company that automatically updates your jewelry insurance value.
Find a jewelry insurance company that offers fast, easy, and affordable coverage for your precious jewelry. If you ever need to make a claim, you’ll be glad you took the time to choose your jewelry insurance company wisely.