If you think you have a homeowner’s insurance policy and that would be enough to take care of your jewelry insurance in the event of a theft or damage to the jewelry, you would be surprised to know that the insurance companies may not provide you more than $1000 for your loss however big it may be. This is simply because most homeowner’s policies are regulated that way.
If you have valuable jewelry with you including your wedding rings sets, you must get jewelry insurance for it. This is especially important because your homeowner’s policies may not cover your jewelry if it is lost or is damaged due to other causes and may only be considered in cases of theft. Hence, it is important to read your homeowner’s policy and understand the types of losses it covers.
If you think your jewelry needs more protection, you can get jewelry insurance from insurance companies that provide such insurance coverage. Here are some questions that you should ask the jewelry insurance service provider before putting your money in the insurance policy.
•What kind of appraisal would the insurance company require with regard to the value of the jewelry? Does the insurance company accept the appraisal of only specific appraisers or would they be satisfied with the appraisal certificates that your jeweler provides?
•Will the insurance cover be valid at all places and on all occasions? There are some insurance companies who do not cover jewelry losses that occur during international as well as domestic travel.
•Will the insurance policy cover any form of repairs that are made to the jewelry?
•Does the insurance company provide for cash settlement or full replacement of the piece of jewelry?
•Does the insurance company take into account deductibles? Will raising or lowering deductibles affect the insurance policy costs in any way?
You must make sure your jewelry insurance service provider is able to answer all the above queries before you buy the jewelry insurance policy from that company. After all, the wedding sets you cherish so much must be well protected too!
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