To many, the idea of jewelry insurance comes across as a bit… self-indulgent. Needing to take care of car insurance, home insurance, health insurance, and the rest takes enough out of our wallets as it is, but bear with us.
Let’s think “worst-case scenario mode” for a moment ’â‚¬â€œ you take a spill at work and bust the rock right off of your engagement ring. You’re on your honeymoon and have the ring stolen while exploring Milan. You’re doing dishes at home forty years after your wedding and it slips loose, right down the drain.
Life takes you places; you’re going to want to make sure your bridal jewelry and the rest of your valuables are covered, just in case. If you’ve ever wondered about how to insure your jewelry, read on.
What is Jewelry Insurance?
Much like any other type of insurance, jewelry insurance ensures that no matter what happens to your collection, you’ll be able to either be entitled to a settlement equal to the value of what has been lost or have access to the resources necessary to have a replacement crafted to be worn in its stead.
Many long-standing insurance providers offer policies that appraise and cover jewelry specifically, and these agreements are often quite affordable when one takes into consideration how costly it would be to replace their valuables outright.
When choosing a policy, make sure to inquire about the terms of the contract to make sure they suit your needs ’â‚¬â€œ e.g., where your replacement will come from, what types of loss the insurer protects you against, and whether or not the policy extends to protect you even when outside of the continental US, to name a few.
Where to Get Covered
There are plenty of reputable sources of jewelry insurance to choose from ’â‚¬â€œ the Jewelers Mutual Insurance Group is probably the most established, providing both commercial and individual policies protecting anything from the fully-stocked showcases of uptown boutiques the world over to your humblest, most-cherished bauble passed down through the family for generations.
Geico is a name that many of us are familiar with, but some of the less well-known services they provide nationwide are policies covering jewelry that is lost, stolen, or damaged; they do so in tandem with the JMIG.
One fairly recent start-up in the world of jewelry insurance is a company called Lemonade ’â‚¬â€œ it’s a revolutionary insurance service that pays out claims instantly and donates any money left over at the end of each year to charitable causes of their clients’ choosing. They offer a base jewelry policy covering up to $1,500 worth of stolen or damaged goods, which you’re able to supplement with extra coverage if what you own is worth more than that. They are reinsured and historically very trustworthy.
Get More Advice from the Experts You Trust
Ultimately, for anybody who values their wedding jewelry, insurance is an investment you’re going to want to make. Book an appointment with us today; our team of experts at Albert’s Diamond Jewelers will be happy to answer any questions you may have about how to insure your jewelry or any other aspect of responsible jewelry ownership in general. With over a century of experience dealing with all facets of this industry, we pride ourselves on being one of the most trusted authorities in Schererville, Merrillville, and the surrounding areas.