When it comes to certain things in your life, such as your health, your home, your car, you’re always encouraged to insure yourself against any misfortunes that may arise. Life can be extremely unpredictable even at the best of times. But what about your possessions? These things can seem irreplaceable in an emotional sense – especially when it comes to jewelry – but isn’t it best to insure against any future troubles just in case?
Your jewelry might be one of the most expensive things you own, to lose or damage it without a replacement doesn’t even bear thinking about. Imagine losing your wedding ring and having to wait for your partner to purchase a new one... Also there is the emotional significance of passing down these sentimental items down to your children –you want to keep them safe for your family and insuring your jewelry helps you to err on the side of caution.
Is Insurance the Right Choice for Me?
No one wants to be ripped off or out of pocket, so consider a few important aspects when you are thinking about insurance: value, sentimental importance and risk. These all play a factor and are unique to your situation.
Firstly, it is a good idea to check if your home insurance covers you anyway – I know wouldn’t that be lucky! This is usually listed under personal property and varies depending on your policy. If that’s no good then you can look into scheduled insurance. This is a more specific method and involves listing each item of your jewelry separately, which can be a part of your home insurance or a whole new policy. Of course this can become expensive and you have to weigh up whether you feel it is worth it to take out an entire new insurance plan.
What do I need?
This does not apply to all cases, but in order to make the process easier it helps if you have the following:
- The original receipt – of course this isn’t always possible
- Certificates of authenticity – especially with gemstones
- An appraisal – this is almost always required
- Pictures – for your own records as well as theirs.
If you decide this is the path you want to take make sure to do a great deal of research into the policy and read the fine print – if you are undertaking and paying for your insurance you need it to cover you fully. There are also specialist jewelry insurance providers available that have an in-depth knowledge of the area. Finally, always look after your jewelry anyway by regularly cleaning, maintaining it and storing it correctly.
