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The old adage Murphy’s Law states, “Whatever can go wrong, will go wrong.” And unfortunately, the popular saying holds true in a variety of scenarios. Especially if you don’t take proper precautions to protect yourself and your assets.

When the unexpected happens, whether it be to your car or your health, having insurance can be a lifesaver. We’ve all heard tales of utter loss when a home goes up in flames, floods, or your home is burglarized. Catastrophes can be extremely traumatizing on their own, but when you lose keepsakes that are not covered under your homeowner’s or renter’s insurance, it makes the situation even more upsetting.

Jewelry is especially sentimental. It serves as a symbol of eternal love or is invaluable because it has been passed down through generations. These pieces are often irreplaceable. Even still, accidents and incidents happen to the best of us. It is important that you have certain safeguards in place so that you can at least replace a piece of jewelry or recoup its monetary value. That’s where jewelry insurance comes in handy.

If you are still on the fence about whether to insure your precious jewels, let’s look at the benefits of buying jewelry insurance and see if it is cost-effective for you to insure your jewelry collection.

What is Jewelry Insurance?

As the name suggests, jewelry insurance is there to protect your investment and safeguard your beloved baubles in the off-chance something bad should happen to them. But sometimes there is no replacing your favorite pieces. Heirlooms, antiques and custom jewelry is nearly impossible to replace, but jewelry insurance will at least cover a portion of the monetary value.

While premiums vary, the most common mathematical breakdown goes like this: $1-2 for every $100 that your jewelry is worth. This is all contingent on having a fairly recent and accurate appraisal handy at the time of the incident.

There are a few ways to obtain jewelry insurance. One is through your homeowner’s insurance policy. If you don’t own your home, but rent, then you can retain jewelry insurance through your renter’s insurance. Lastly, you can contact an independent insurance company that specializes specifically in jewelry insurance.

Most people choose to buy additional insurance through their homeowner’s policy simply because it is convenient. But you will want to carefully read through your policy to see what coverage it actually provides. Depending on the policy you choose to go with, you may not be eligible for full coverage, but if the unfortunate does happen, you will be happy you had some coverage as opposed to none at all.

If you go the extra mile and plan on buying jewelry insurance through an independent insurance company, you may have the option to insure your collection or diamonds for more than their current value. It is important to carefully vet jewelry insurance companies to be certain that they will honor their policies.

5 Reasons Why You Need to Buy Jewelry Insurance

  1. Peace of Mind - This might be the most common reason why people opt to buy jewelry insurance. When you know that your jewels are insured, you’re less likely to stress. Stress is a killer. Any opportunity to avoid worrying should be looked at as a valuable investment.
  2. Insurance Covers Damage & Repairs Too - Jewelry insurance isn’t just about theft. While it is expected that you would store your jewelry in a jewelry box, display case or safe, jewelry is meant to be worn. And when you wear jewelry it is inevitable that wear and tear will occur. One of the best perks about jewelry insurance is that it covers repairs and damages too. If a prong is slightly bent and a gemstone falls out or is permanently lost, you can have it replaced. If your evening ends up being a little rowdier than expected and you chip a gemstone, you may be able to get it fixed for almost nothing.
  3. Accidents Happen - This is a biggie too. Due to the delicate nature of jewelry and that you can easily lose it and not know it’s missing right away, making sure that your jewelry insurance policy will replace lost pieces is important. That way if a clasp comes loose, or you snag it on something without noticing, you can likely get a replacement piece.
  4. Thievery - Unfortunately, burglaries and theft happen. It is said that every year in the U.S. there are over 7 BILLION reported property crimes. And guess what is the most frequently stolen item? Yup, you guessed it - Jewelry! No matter how pricey your diamond engagement ring is, it isn’t worth your life. So, if you are mugged or your home is burglarized, you can rest easy knowing your expensive rings and necklaces are covered under your insurance policy.
  5. It’s Shockingly Cost-Effective - Believe it or not, jewelry insurance is an investment most people can afford without even batting an eye. On average, Americans spend about $5575 for a 1-carat engagement ring. While it isn’t exactly the Queen’s crown jewels, you’re certainly not trying to drop another 5k on replacing it. Jewelry insurance costs about 1-2% of the value of the item. Making that meager investment now can save you the headache of shelling out the full sum in the event something happens.

Make Sure You Get Your Jewelry Appraised by a Reputable Appraiser

When you go to insure an engagement ring or you are buying insurance for your entire collection, it is absolutely imperative that you get a professional appraisal. It is recommended that you periodically get your jewelry appraised every 3-5 years. Jeweler's Touch has a GIA Gemologist and diamond expert on-site happy to perform an appraisal of your unique, custom and fine jewelry (required by most insurance companies).

To help Jeweler’s Touch provide you with the most accurate jewelry appraisals possible, please bring in any documentation you might have for your jewelry. Examples would be receipts, diamond certificates, diamond reports or previous appraisals.

Start new traditions with Jeweler’s Touch. We specialize in diamond engagement rings. For the highest quality gemstones and conflict-free diamonds, call Jeweler’s Touch: (714) 868-7556.

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