When you get your brand new engagement ring, anniversary band or diamond earrings the last thing you think about is them getting damaged or stolen. But the reality is these are two of many looming threats to your valuable jewelry. Don't panic if you don't have a current appraisal or insurance plan because we've got an easy process and great recommendations for you.
Whether you have multiple pieces of valuable jewelry or just one, there are many reasons to appraise and insure your growing collection.
1. Jewelry Can Break - Even the most durable pieces of jewelry can be damaged, knicked or broken. It's important to have good jewelry insurance that covers accidental damage so repairs won't be as inconvenient and you can get back to wearing your favorite jewelry fast.
2. Jewelry Gets Misplaced - You've heard the stories, people taking rings off to wash their hands, leave them in a hotel, or set them down somewhere they can't remember. Misplacing jewelry is very common and very unfortunate. Having insurance can help replace your valuable jewelry by reimbursing you for the value it was appraised at.
3. Jewelry Gets Stolen - More often than not, when you misplace your valuable jewelry in a public place it will get stolen. The idea of your valuable jewelry being in the hands of someone else is devastating, but even more so if you don't have insurance because you will not be reimbursed at all for you missing jewelry. Your insurance policy will cover part of the jewelry's appraised value--up to a maximum limit defined by your specific policy.
4. Homeowners Insurance Isn't Enough - Though homeowners insurance is vital and very important people often think it covers more valuable then it actually does. Homeowners insurance is designed to protect your home and what is inside, but the coverage is usually limited for possessions like valuable jewelry. Talk to your insurance agent about a policy that is specifically designed to protect your fine jewelry.
5. Jewelers Don't Provide Insurance - Although jewelers often provide warranties and sometimes appraisal servicing, they do not directly provide insurance for your jewelry. After you purchase your warranty and get your appraisal up-to-date contact your insurance agent about the policies that will cover your valuables.