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Insuring Your Jewelry

 


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In the modern day both men and woman are increasingly purchasing jewelry. Although the price of certain types of jewelry has come down, these items remain quite valuable. If you have home contents insurance, you may think that you are fully covered if something happens to your jewelry. This is often not the case, or if you are covered, it will only be up to a certain amount. Very often the amount the insurance policy covers is not the full value of the jewelry lost. Another possible concern is that the policy may only cover your jewelry if it is stolen out of your home as a result of a burglary. Sit down with your insurance broker and establish whether covering your jewelry under your home insurance policy is sufficient or whether you require a specialized jewelry insurance policy.

In addition to only being covered for a certain amount or only if the jewelry is stolen, you may realize often too late, that you need a valuation certificate for your jewelry before your insurance company will pay out a claim. It is therefore imperative that you read the fine print in your insurance policy very carefully and ensure that you understand exactly what is covered and what documentation you require in order to submit a claim. If you own a lot of jewelry, especially fine or antique jewelry, it may be wise to add additional cover to your existing policy.

Insuring your jewelry against theft outside your home is also a wise step, especially if you like to go out in public adorned with your finest jewels. You are more likely to lose a ring, necklace or earrings outside your home instead of as a result of a burglary. These items have a habit of fall Therefore, it is important to have this possibility covered. To save some money on your monthly insurance premiums, you can usually adjust your deductible. Having a higher deductible in the event of a claim will lower your premium, but make sure that you will be able to afford the increased deductible. Setting your deductible to work on a percentile of the value of the claim rather than a fixed deductible could also lower the premium.

Ask your insurance broker or direct insurer if you need to have your jewelry appraised before they are willing to insure the jewelry for the value you specify. If they do, store the certificates in a safe place and have your jewelry re-valued frequently. Doing this annually or bi-annually should be sufficient. Also, enquire about which possible losses your policy covers. Consider adding additional cover against damage with options for repair or cash settlement.

Finally, shop around. You will find that there are companies out there that specialize in insuring jewelry and their services may suit your needs better than those offered by your regular insurance company. Either get quotes from multiple insurers yourself or get your insurance broker to do this for you. If you choose the former, use insurance quote comparison sites to save you time.

Stuart Broad is a marketer who works for a number of South African Home insurance sites. If you are looking for a budget insurance, he recommends trying to get Insurance brokers at InsuranceHound.

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