A popular saying goes, “If anything can go wrong, it will.” Murphy’s Law can certainly be applied to a wide variety of situations. This is especially true if you don’t take the proper precautions to protect yourself and your assets.
Insurance can be a lifesaver when the unexpected happens, whether to your car or your health. We’ve all heard stories of homes burning down, floods, or being burglarized. If you lose keepsakes that aren’t covered by your homeowner’s or renter’s insurance, the situation can be even more stressful.
To see if jewelry insurance is cost-effective for you, let’s examine the benefits of buying jewelry insurance.
Jewelry Insurance – What Is It?
In the event something unfortunate happens to your jewelry, jewelry insurance is there to protect your investment. However, some pieces can never be replaced. Jewellery insurance will at least pay a portion of the monetary value of heirlooms, antiques, and custom pieces.
People choose to purchase additional insurance through their homeowner’s policy for convenience’s sake. To find out what coverage your policy actually offers, you should carefully read through it. If the unfortunate happens, you will be happy you had some coverage rather than none, but depending on the policy you choose, you may not be eligible for full coverage.
A Jewelry Insurance Plan Is Essential For 5 Reasons
- Most people purchase jewelry insurance for the sake of peace of mind. Your jewels won’t cause you to stress when you know they are insured. Stress is the enemy. Preventing worry should be considered a valuable investment.
- Theft Coverage is Not All-Inclusive – Jewelry insurance is not limited to theft only. Jewelry is supposed to be worn, not stored in a jewelry box, display case, or safe. Wear and tear is inevitable when you wear jewelry. Jewelry insurance includes repairs and damages as well, which is one of the best features. A replacement gemstone can be obtained if a prong is slightly bent and a gemstone falls out or is lost permanently. It’s possible to get a chipped gemstone repaired for almost nothing if your evening ends up being rowdier than expected.
- Accidents happen – this is no exception. Due to the delicate nature of jewelry and the fact that it can easily be lost and not be recognized when it’s lost, it’s important to make sure that your jewelry insurance policy replaces lost pieces. You can likely get a replacement piece if the clasp comes loose, or if you snag it on something without noticing.
- Burglary and theft are unfortunately common occurrences. There are over 7 BILLION property crimes reported every year in the U.S. Did you know that the most commonly stolen item is? Jewelry, of course! Even the most expensive diamond engagement ring isn’t worth your life. In the event that you are robbed or your home is burglarized, you can rest easy knowing your jewelry is covered by your insurance policy.
- It’s Shockingly Cost-Effective – Despite popular belief, jewelry insurance is an investment most people can afford without breaking the bank. A 1-carat engagement ring costs an average of $5575 in the United States. You’re certainly not going to spend another five thousand dollars on replacing it, even though it isn’t exactly the Queen’s crown jewels. An average piece of jewelry is insured for 1-2% of its value. It will save you the hassle of shelling out the full sum later if something goes wrong if you invest that meager amount now.