Jeweleries are valuable things and for some items it could have a very high sentimental value for some people like engagement ring, jeweleries also can be assets for your future and that’s why you should keep them safe and to make sure why not protect them with insurance ?
some people already feel safe to protect their belongings including jewelery through property/home insurance which is including protection against theft for valuable things inside the house. But if you have lots of valuable jeweleries you will need more protections than just protection against theft.
In purchasing additional insurance for your valuable jeweleries be sure that you have a full understanding about the coverage, here are the questions you must ask your insurance agent to make sure that you have a good cover for your jeweleries :
- Is there a deductible and how much is it ? what can affects the raising or lowering the deductible of your policy ?
- Do you need an appraisal before you obtain the insurance policy? is the insurance company only take reports from certain types of appraisers?
- are the items covered in any place the loss happens ? will it covers you during domestic or international trip ? (in case you don’t have a travel insurance)
- Will you get a full replacement cost ? would you have to replace the items or you can get a cash settlement instead?
- is it covers the repairmen of damaged jeweleries (not only total loss) ?
If I may suggest, The Chubb Group is one of the jewelery specified insurance company that offers a good protection, here I give you example of chubb’s engagement ring policy guidelines :
- Full coverage according to the amount shown on the policy
- No deductible
- Coverage applies for the loss happens anywhere / worldwide
- Chubb only offers a cash settlement. If you replace the ring, you select the jeweler.
- An appraisal is needed, but the appraisal requires only for items valued over $50.000
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