Protect Your Jewelry – Get it Insured
Do you have cherished family heirlooms? A new engagement ring? A favorite pair of diamond studs? If so, you should make sure that you protect yourself and your belongings.
How do you protect them? First, insure it. And when you do, be mindful that partial losses (such as chipped stones) aren’t covered under typical homeowners policies. A better option is a rider on your homeowners’ policy or a standalone policy such as the one offered by a jeweler insurance company.
Any jewelry that is worn every day, such as an engagement ring, is more susceptible to damage or loss. Because an engagement ring is often the most expensive jewelry a woman will own, it is important to make sure it is insured.
According to Jewelers Mutual Insurance Company, more than half of the company’s claims are partial losses. Losing a stone from a ring is one of the more common instances. Winter gloves are notorious for catching on prongs and loosening ring settings.
Diamonds are still the favorite stone for engagement rings and, contrary to popular belief; a sharp strike on a hard surface can easily chip a diamond. Even washing dishes in a ceramic sink can cause chipping. Swimming is another culprit for loss. Your fingers constrict when they’re cold, so losing a ring while swimming or snorkeling presents a very real risk. Any sporting activity, in fact, can be hard on jewelry.
When insuring jewelry, check your coverage. On basic homeowners policies, jewelry is protected for only certain causes of loss. Damaging an item, or losing all or part of one, are typically not covered losses. Theft is often limited to $1,000. You can “schedule” your jewelry on your homeowner’s policy. It will cost an additional premium but provide better coverage.
A stand-alone, specialized policy provides broad coverage and won’t jeopardize your existing homeowner’s policy if a jewelry loss occurs.
We offer appraisals for fine jewelry for insurance purposes – stop by or call our store with any questions.
We’re The Uptown Jeweler – Stop by and see us soon!