What Is Personal Jewelry Insurance?
If you own expensive jewelry, you may find that your regular renters’ and homeowners’ insurance policies do not cover the entire replacement cost of the piece(s). In addition, even if you add a jewelry rider to these policies, it may not always cover certain eventualities (like floods) or damage to the jewelry.
This is where Personal Jewelry Insurance steps in. It offers more coverage than standard home policies and ensures that a jewelry claim does not swallow up your regular home insurance.
Why Should I Get This?
Not everyone needs, or wants, jewelry insurance. However, if you think you would be adversely affected if you lost or damaged certain pieces (perhaps heirloom jewelry or items that hold a special place in your heart), consider insuring them through a standalone policy.
What is Covered
Coverage in Personal Jewelry Insurance policies generally extends to the following:
- Theft: In most cases (except for specific instances described below), theft of insured jewelry is reimbursed.
- Damage: This policy also covers unintentional damage (of a significant nature) to the jewelry piece insured (for example, an accidental crack in the stone).
- Disappearance: Any unintentional and mysterious disappearance of your jewelry, whether due to loss or theft, is covered.
What is Not Covered
- Normal deterioration: Personal jewelry insurance does not cover losses due to signs of age and damage due to regular usage.
- Pest damage: Any rat or bug damage, usually the result of improper storage, is not reimbursed in this policy.
- Confiscation/Loss in Certain Cases: Personal jewelry insurance does not cover loss or damage of jewelry due to war and military situations, seizure, or nuclear hazards.
- Intentional loss/damage- Jewelry that is intentionally lost or damaged is not reimbursed.
Protect Your Pearls Today
Jewelry, although inanimate, can hold many precious, living memories for us. Want to explore the ways you can safeguard your prized jewelry against loss? Contact us today at 516.358.3612 or firstname.lastname@example.org to see how we can help!