Jewelry is valuable and a prestigious ornament to possess. It could be damaged easily as it is very delicate. It is prone to theft, since it’s very costly; hence, it is always better to insure this precious asset. Various insurances for your fine jewelry are available to protect your valuable jewelry. Check with your insurance guide for the jewelry insurance covered under your renter’s and homeowner’s policies.
You might need additional insurance for your jewelry if appropriate coverage on jewelry is not set.
Renter’s or homeowner’s insurance do not cover complete jewelry insurance. It covers limited amount for jewelry theft, but not the loss of fine jewelry or engagement ring. These insurances include coverage for only one category of personal asset, which includes jewelry. Typically, renter’s insurance might not pay you more than $500 for your jewelry loss and homeowner’s insurance will not pay you more than $1,000 for your jewelry loss.
Check your jeweler’s manual for personal jewelry insurance covered on replacement and damage of fine jewelry. If the policy in the manual does not mention coverage for damaged items, unset stones or antique jewelry; then additional coverage is needed for your jewelry.
JISO (Jewelry Insurance Standards Organization) is an organization established to maintain the jewelry insurance and integrity. This non-profit organization ensures standards, services and resources. It functions on insurance industry’s trust and repository.
Different institutions offer variety of jewelry insurance package. This insurance covers specified items for the loss, damage and repairs. Some institutions also offer international and domestic travel insurance. Jewelry appraisal is very essential for effective coverage; hence get your jewelry appraised by licensed appraiser.
