You may have heard of Murphy’s Law – “Whatever can go wrong, will go wrong.†Unfortunately, the old adage holds true in a variety of scenarios. Especially if you don’t have proper precautions to protect yourself and your assets. When the unexpected happens to your precious belongings, having insurance is a relief. Jewelry is especially sentimental, from your grandmother’s wedding ring to your shiny, new watch. If these precious pieces are stolen or damaged because of a fire, flood or storm, you can fall back on your insurance policy to help replace these. Even though the sentiments of the piece of jewelry mean it cannot be replaced, you can still recoup its monetary value when accidents happen.
If you are still on the fence about whether or not to insure your precious jewels, here are just a few reasons why you should consider an insurance policy specifically for valuable articles.
Reasons to Insure Your Jewelry
 Jewelers don’t provide insurance
Once you purchase a piece of jewelry, it is your responsibility to protect it – and insure it to market value – so if something happens to it, you will be able to fully replace it. Jewelers are under no obligation to insure the piece of jewelry once you have acquired it. It’s a good idea to call your insurance agent as soon as you have bought or inherited a piece, or even beforehand so that they know when to activate the policy.
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Accidents happen
Due to the delicate nature of jewelry and that you can easily lose it and not know it’s missing right away, making sure your pieces are protected is essential. If a clasp comes loose or you snag your bracelet on something without noticing, you can likely get a replacement piece.
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Thievery
When you have something sparkly and of high-value, it can attract unwanted attention. What’s more, of the many billion reported property crimes in the U.S. every year, the most frequently stolen items are jewelry. With insurance, you can rest easy knowing that your expensive rings and necklaces are covered under your insurance policy.
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Insurance covers damage
Jewelry insurance isn’t just about losing rings and bracelets being stolen. When you wear jewelry, wear and tear will occur. One of the best perks about jewelry insurance is that it covers repairs and damages, too. If a prong is slightly bent and a gemstone falls out or is permanently lost, you can have it replaced.
How to Insure Your Jewelry
Insuring your jewelry is easier than ever. There are generally two options to consider when protecting your precious valuables:
- Purchase an extension or rider. If you currently have homeowners insurance, you can easily purchase a rider covering your jewelry such as engagement rings or family heirlooms.
- Look for a separate jewelry insurance policy. Take out separate protection for your prized pieces.
When it comes to treasured pieces of jewelry, it always pays to speak to your insurer. Insuring expensive pieces need not be complicated. For more information about coverage, open our personal insurance page. Contact us at CAV Insurance on 781-237-4107 for all of your insurance needs in Eastern Massachusetts.