We all own at least one piece of expensive jewelery such as a diamond engagement ring or wedding ring. Therefore it is really important that the right kind of jewelery insurance is taken out to protect such items. You may think that your household insurance policy will provide enough cover, but this may not be the case.
If you check you may find that the value of these items you may find that they will not be covered by the highest insured limit on your household policy. Therefore if the item is lost, damaged or stolen, and claim for it on this policy you will not receive the true value of the item back.
So why opt for jewelery insurance?
Well of course the first benefit to be earned from insuring such items under specialist policies is that you will be reimbursed for the total amount that the item is currently worth. So of course if the item is worth over $ 3,000 then this is what the insurance companies will pay out should the item become lost or stolen.
With such policies you will find that not only is cover provided on the items of jewelery named in the policy for where you live, but across the world. Of course although these are "all risk" basis type policies we would look at seeing if there are any other forms of insurance that they can provide.
Of course when you are trying to arrange jewelery insurance we highly recommend that you actually arrange to have the items in question valued first. If you visit any reputable jewelers close to where you live they will normally carry out this service for you for free. However some may charge a nominal fee, but is not paying this worth it to ensure that you then arrange sufficient coverage so that if the item does get lost or stolen you will be able to replace it without the need for you to spend more of your own money.
Also when arranging jewelery insurance take photographs of the items from various angles to keep with the policy. This way the items should be reclaimed by you can clearly identify them.