Jewellery

Jewellery Insurance Cover

What Does Jewellery Insurance Cover?

When purchasing an insurance policy for your jewellery pieces it is important to understand exactly what jewellery insurance covers. By doing your homework before making your purchase, you will be able to avoid unhappy surprises in the event of theft, loss, or damage.

Do I Need Jewellery Insurance?

It is true that jewellery is covered on your homeowners’ insurance policy, but there is usually a cap; this cap varies from one policy to the next, and you will need to check with your agent to find out the particulars on the policy you carry. Even then, however, your jewellery may not be covered if something happens to it while you are wearing it away from home or if it is stolen from a hotel room. Jewellery insurance covers your valuables above and beyond the cap placed by your homeowners’ policy, protecting your most precious jewellery items.

What Does Jewellery Insurance Cover?

Each piece you wish to have covered by your jewellery insurance policy must be listed, appraised, and specifically mentioned in the policy. If you purchase a new piece after the policy is in place, you must add it to the policy if you want to have your jewellery insurance cover it. If you experience an event of theft or loss on a piece that has not been added to the policy, you will receive no pay out.

You cannot have you jewellery insurance cover loose stones. An investment in gems that are not mounted in jewellery pieces are not considered jewellery and cannot be covered by such a policy.

Make Sure You Have Adequate Coverage

The best way to make sure that your jewellery insurance covers your belongings adequately is to have updated appraisals done on your covered items; this ensures that they are covered for their full worth. This is especially important on items that come in sets. For instance, if a single earring is lost or damaged, the entire set becomes unwearable; however, if you are not specific when you purchase your policy, you may find your jewelry insurance covers only one earring at a time.

Jewellery Insurance Follows You

Your jewellery is made to be worn, not squirreled away in a safe deposit box. If you have a policy that covers your valuable pieces, you can wear them with the piece of mind that even if you are overseas, your jewellery insurance covers them in the event that they are lost or stolen.