Do I Need Jewelry Insurance?

Jewelry Insurance-min

The beauty of fine jewelry can be intoxicating, and it can be very exciting to wear your pieces for special occasions. If you own, and enjoy wearing valuable jewelry, it’s likely you’ve considered purchasing jewelry insurance, in case it ever gets damaged, stolen, or lost.

According to information from a University of North Carolina at Charlotte Department of Criminal Justice and Criminology report on understanding the perspectives of burglars, the majority of burglars surveyed (79 percent) were most interesting in getting cash from their “jobs”.  Alarmingly, acquiring jewelry came second in terms of what burglars were interested in (68 percent).

With all of the above in mind, let’s take a look at whether buying jewelry insurance is really worth it.

Types of Jewelry that Should be Insured

It’s crucial to insure any jewelry you perceive as having value to you personally. This can be both in financial terms, as well as in emotional ones. Take a look at your pieces, and if there are ones that you worry about being lost, stolen, or damaged, they should be insured so they can be repaired or replaced.

Also, if you own jewelry that would be prohibitively expensive to replace, this must certainly be insured.

How Jewelry Insurance Works

Although jewelry insurance works in a similar way to other insurance policies you’re familiar with, as it’s designed solely for jewelry, it will usually cover more than your homeowners insurance policy would.

You need to provide an appraisal either before, or shortly after you purchase your coverage, so you have an accurate jewelry valuation. Be sure to make certain exactly what coverage your initial quote includes, as well as asking about any available discounts.

The final decision you’ll make will be the amount of a deductible you want. Larger deductibles mean paying lower premiums, however, this also means you will have to pay out more when making a claim.

Why Jewelry Insurance is a Good Idea

Nothing can ever replace a sentimental, or expensive piece of jewelry that’s been lost or stolen, however having jewelry insurance will allow you replace or repair your pieces should the worst occur.

The key is finding which policy works best for your needs. For more information, have a chat with your local independent insurance agent to see what’s already covered in your homeowner’s insurance policy, and take it from there.

Contact BOLT Insurance Agency to learn more about jewelry insurance and getting your precious pieces protected.