Importance Of Jewelry Insurance

Expensive and exquisitely beautiful jewelry materials such as diamond and gold rings, watches, certain antique jewelry and precious stones are always subject to theft and other risks that would result in the loss of the item or decrease the value of the same.

Another risk could be the accidental damage and loss in fire or theft of these sentimental and expensive items. This can certainly result in unwanted and extreme psychological and physical torture. The multi-dollar question that you should consider is: How much and why is it very important to have jewelry insurance in the first place?

Firstly, it may helpful to know that comprehensive jewelry cover is primarily provided by the insurance firms at somewhat low premiums with even some providing full accidental compensation for damage and loss depending on the cover chosen. These insurance policies target all forms of jewelry cover groups ranging from low-value to high-value products. Generally, most insurance firms would target large or quantitative assets such as houses and automobiles coupled to life assurance, thereby lacking in expert high-value jewelry insurance systems.

Secondly, do note that deciding on the right insurance firm to handle your protection needs is mostly pegged on policy flexibility coupled to the current rates on offer. Most jewelry insurance firms cover the basic repair expenses on damaged products right up to competitive repayments on placing claims. However, the important criteria protocols attributed to the coverage details, time for claim and the claim process should not be left out too and should be considered carefully with a fine tooth comb.

Consult at least two expert jewelry insurers before insuring your jewelry based on the two main coverage policy types. These would include Blanket coverage as well as scheduled property policy type. The blanket policy does not necessarily require an appraisal of insured pieces under the renter’s policies unlike the scheduled property that requires constant appraisal to ensure that it is still in accordance with the basic requirements. Based on all the above fundamental information, an individual will be in a better position to address the question why it is important to have jewelry insurance.

Getting Your Jewelry Insured

Although it is possible that some of the jewelry insurance can be provided by home insurance, you may also have a separate insurance if the value exceeds from the one established by other policies.

Go to an independent jewelry. Make sure that each object is examined, described and its value is on paper. Read to find home insurance is included in this amount. Best insurance will cover loss, theft and damage. Note that the amount paid for jewelry insurance is different from state to state, and you can choose with or without insurance deductible tax.

Talk to your agent to add a clause in your insurance to protect jewelry that exceeds in the house insurance. You can also ask and a separate insurance for jewelry. You can choose a separate insurance for jewelry. Compare all offers of insurance and each company ‘s reputation, and choose the one that offers the highest compensation for money and give the most flexible in case you need to replace the jewelry.

Tips

* When determining the amount for the home insurance do not forget to calculate the deductible amounts. After these are paid, you will receive full value of jewelry.
* In addition to insurance you can buy a safe deposit box to keep your jewelry safe.
* It is important to have pictures of stolen jewelry because the parts can be reproduced on the basis of good quality pictures.

Notice!

All jewelry should be periodically evaluated to determine their value. If jewelry is not assessed properly, you will not be able to recover the amount to replace parts destroyed, damaged or stolen.

Jewelry Insurance – What You Should Know to Be Sure You Are Protected

Not all homeowners or renters insurance policies offer full coverage for you engagement ring or your other valuable jewelry. Your insurance policy probably covers jewelry theft but not loss for other reasons.

The Typical Insurance Policy

A renter or homeowners insurance policy usually set limits on the loss of certain categories of personal property, like jewelry. Homeowners policies typically pay a maximum of $1,000 for jewelry theft. Where as a renter’s insurance might only pay $500.

You should know whether your insurance policy covers jewelry loss for reasons other than theft like if jewelry is lost or damaged. Read your policy carefully and be sure to ask your agent to explain the types of losses that are covered by your insurance policy.

Buy Additional Jewelry Insurance

You can also purchase additional insurance for your fine jewelry, but be sure to ask your agent plenty of questions so that you fully understand the coverage:

Is there a deductible? If there is, how much is it and if you raise or lower your deductible will it affect your policy costs?

Does the policy require an appraiser to value the jewelry? Do they have only certain types of appraisers whose reports are acceptable?

Are the items covered anywhere? Will the insurance protect you on a domestic or international trip?

Is your jewelry covered for full replacement cost? Will you have to replace the item, or can you get a cash settlement?

Does the policy cover repairs to damaged jewelry?

Some Jewelry Insurance Options

The Chubb Group provides insurance specifically for jewelry. They offer insurance through independent insurance agents and jewelry retailers. This is an example of The Chubb Group’s engagement ring policy guidelines”

Full coverage for the itemized amount shown on the policy.

Do Deductible.

Coverage applies worldwide for lost or stolen rings.

Replacement is not required, Chubb offers a cash settlement. If you do replace the ring you select the jeweler.

They also recommend you get an appraisal for all insured jewelry, but only for pieces valued over $50,000. Chubb does not cover loose diamonds.

Jewelers Mutual is another insurance company that offers policies that cover jewelry. They cover both repair and replacement. They do not cover unset stones, damaged items, or antique jewelry. An appraisal is required for their coverage.

Always make sure you read any fine print in your policy and be sure to ask your agent to clarify anything that you do not fully understand.

Dan enjoys writing articles that help people find the information they need to make informed choices.

Men’s Guide to Buying Jewelry Insurance

You’ve made the decision to buy that expensive item of jewelry and left a good chunk of change with the jeweler. Now it’s up to you to protect your investment. With a cost for insurance that averages 1-3% of the jewelry items’ value, it just makes sense to purchase jewelry insurance. Jewelry gets lost, stolen, broken, left behind, misplaced, run over, slammed in doors, and washed down drains. Insurers hear it all. Don’t assume homeowners or renters policies automatically cover you. Many homeowners’ policies cover a total of just $1,000 for jewelry theft, and include a high deductible as well.

A $1,000 limit for jewelry coverage on a homeowners policy not only doesn’t cover much, but it often requires you to find the sales slip, appraisal, and/or get quotes for replacements when making a claim. A separate jewelry insurance policy from a specialty insurer costs a similar amount and often carries a lower deductible besides. Making a claim can avoid extra work and frustration involved when working with homeowners coverage, plus you’re not making a claim on your homeowners policy.

To get a good jewelry insurance policy, get an insurance appraisal at the time of purchase. Then find the right policy for you. Consider these points:

- Coverage. What exactly does the policy cover? Theft, mysterious disappearance, damage? What is excluded? Not all policies cover mysterious loss or damaged stones. Unfortunately, mysterious loss is one of the leading insurance claims according to Jewelers Mutual Insurance Company, a specialty insurer that covers mysterious loss (and damaged stones).

- Deductibles. What are the options for deductibles? You pay this part first, before insurance coverage kicks in. Choosing a deductible can lower your premiums (payments for insurance). Again, homeowners coverage often involves a high deductible. When choosing a separate jewelry insurance policy, you can frequently obtain better coverage with no deductible or low deductible for a comparable cost. Worth thinking about.

- Claims. How well does the company pay claims? Check independent rating agencies, such as A.M. Best. Can you report a claim at any hour or online? What are the requirements to make a claim? And how long does the claim process take?

- Do you need to get multiple quotes? Can you choose your own jeweler or does the insurer tell you who to work with? Is it a replacement company or the lowest bidder?

- Travel coverage. Is the ring covered when you travel – even out of the country?

- Appraisals. Most insurance companies require an appraisal to document and value your jewelry item. Do you need one? If one is not needed, how is your jewelry valued and what do you need to substantiate value at the time of a claim?

- Inspections. Does the insurer require periodic inspections that, if missed, void the policy?

- Insurer expertise. Who do you want to work with if you have a claim? Does expertise matter? Jewelers Mutual Insurance Company employs specialists that only deal with jewelry insurance.

- Security. Does the policy contain security requirements? Are there discounts if you take certain precautions?

- See the policy. Can you view exactly what the policy says? Can you download a sample?

Personalized Jewelry Insurance

Don’t you find buying jewelry insurance to be confusing? Do you add it to your home owner’s policy? To your umbrella or renters policy? What about the deductible and premium increases when you have a claim? What value is used to insure your jewelry…is your premium based on replacement or appraised value? What does your insurance agent know about jewelry anyway!

Well, I found a better solution to insure your jewelry…designed with the consumer in mind. The Q Report joined forces with an insurance industry leader that excels at delivering world-class coverage and personal service. The jewelry insurance is provided by Chartis through its Private Client Group, which specializes in property and liability insurance for successful individuals and families. Only approved jewelers and licensed agencies may participate in this jewelry insurance program.

The Q Report provides you with a personalized, bound booklet which describes your jewelry and watches in detail and ensures that if you ever lose or need to repair your insured jewelry items, you need to go no further than your Q Report. The detail contained in the Q Report will enable your jewelry insurance premium to be based on the price you paid for your jewelry, not an inflated appraisal. Usually, your appraised value is more than your purchase price and your replacement cost…which is good, but that also means you pay more in insurance premiums.

Let’s look at some of the benefits of this kind of jewelry insurance:

• You get a nicely bound informational booklet
• Detailed specifications about your jewelry prepared by your jeweler
• A color photograph of your jewelry (key for identifying your jewelry)
• All your appraisal information-including diamond certification details
• Complimentary re-evaluation of your jewelry every year
• A stronger relationship with your jeweler and ongoing advise on caring for your jewelry

That’s all good, but what sets this jewelry insurance apart from the other options available in the market today? This is what really got my attention:

• No deductible-is that possible? Apparently so
• This jewelry insurance policy offers immediate and worldwide protection. That means, you are covered from the minute you leave the jewelry store (no waiting period); and as a US resident, you are covered anywhere in the world-no matter where you lose your jewelry
• No paperwork to complete for items valued up to $35,000; your jeweler takes care of everything
• A secure web site where you can view all the details of your insured jewelry items

Now, as a jeweler myself, I found the next benefit intriguing. The Q Report offers a 125% replacement value. What that means is that if a loss occurs and your jewelry item’s market value has increased and now exceeds your insured amount (with inflation and the price of gold going up its very possible), you can be reimbursed up to 125% of the insured amount. That’s impressive, and really important if you want to protect your investment. A jewelry purchase is not only an emotional investment, but also a financial investment-protect it!

For more information call 800-354-3193 or visit qreportusa.com