What Is Jewelry Insurance?
The first thought that many folks might have when they purchase jewelry is, “What is jewelry insurance?”
In short, jewelry insurance is a specialized type of insurance coverage designed to provide protection for jewelry items against unexplained loss or other incidents. Besides, these policies tend to be extremely affordable, protecting the value of your jewelry and making it well worth the investment.
Now, this brings us to the next obvious question of, “How does jewelry insurance work?”
Jewelry insurance provides coverage for the entire replacement value of the insured jewelry. Therefore, it is the best option to invest in. Moreover, a stand-alone jewelry insurance policy from any provider named above will offer coverage in case the jewelry items get damaged, stolen, or lost. In contrast, homeowners insurance covers only a fraction of the jewelry cost.
Since jewelry insurance is very affordable, it pays to choose a policy that suits your needs. If you have invested in jewelry, it is advised to take out a stand-alone jewelry insurance policy for better coverage, even if you already have homeowners or some other insurance policy that offers coverage for jewelry items.
What Does Jewelry Insurance Cover?
So, what does jewelry insurance cover? A typical jewelry insurance policy is going to cover your jewelry items in case they get lost or stolen. It also offers coverage for the “unexplained loss.” It basically means losing your jewelry due to unusual circumstances that you can’t explain.
While other insurance policies only provide a certain amount of coverage, jewelry insurance gets you completely covered.
Also, unlike other insurance policies that provide coverage for jewelry items, such as homeowners insurance, stand-alone jewelry insurance has no cap on the worth of the insured jewelry. This means it is possible to get insurance coverage for your jewelry, regardless of its total cost.
How Much Does Jewelry Insurance Cost?
Now that we’ve got a good idea of what jewelry insurance is and what it covers, it’s time to move deeper into the importance of jewelry insurance. Let’s answer the most frequently asked question by those looking for reliable jewelry insurance, which is, “How much is jewelry insurance?”
Contrary to popular belief, jewelry insurance does not have to cost you an arm and a leg. While many folks think that jewelry insurance means having to pay high premiums and other hidden charges because of the expensive nature of the items being insured, in reality, it’s quite the opposite.
If you’d like an answer to the question, “How much does jewelry insurance cost?” then you’ll be surprised to know that a typical jewelry insurance policy is only going to cost you 1% to 2% of the total value of the jewelry being insured. That’s an incredibly reasonable price considering the solid coverage that most jewelry insurance providers have to offer.
With jewelry insurance prices so low, getting a policy is a no-brainer if you want to protect your jewelry from unforeseen circumstances. That being said, the total cost of the jewelry insurance policy also depends on a few factors such as:
- The worth of the jewelry
- The amount of insured jewelry
- The condition of the jewelry at the time of getting a policy quote
Since jewelry can be easily stolen, to keep jewelry insurance coverage as affordable as possible, the standard policy liability limit for robbery is around $1,500. It means that the insurance provider will not pay more than the amount specified in the insurance agreement, which in this case is $1,500. However, the amount may vary depending on your circumstances and the particular insurance provider.
