Wonder what would happen if you ever lost a piece of jewelry? Know why a jewelry insurance is important below.
Jewelry is a special commodity and often is of great value to anyone who owns it. Usually, we keep our jewelry safe and take care of it with love but sometimes life happens. There have been thousands of cases where people lost their precious jewelry to thieves, fires, and other countless mishaps; having to lose a piece of jewelry that is close to your heart is enough pain and we all know that jewelry doesn’t come cheap. So, why the hard-earned money that you spent to get your perfect piece of jewelry? This is where jewelry insurance comes in to save us all!
The whole concept that jewelry insurance exists is to protect the people who enjoy buying jewelry or anyone who owns a precious jewelry piece. It exists to retain the monetary value of a jewelry item. Now, jewelry is a personal item and often holds emotional attachments, it is understandable that no other piece of jewelry can replace the one you own. Especially if it custom-made, an antique, a family heirloom, etc.
However, with insurance in place, you can at least be assured that if something happens to your jewelry, you would make up for the amount. Usually, insurance for your jewelry would cover anything from theft, damage, and loss. In some cases, jewelry insurance would also cover “unexplained disappearances” or “mysterious loss”. Jewelry insurance cost can differ; however, the typical cost would be $1-$2 for every $100 of your jewelry piece.
There are multiple ways to get jewelry insurance in place including a home owner’s insurance or a renter’s insurance. You can also buy a special jewelry insurance policy for premium jewelry pieces or a piece from a jewelry insurance company. These are often called a “standalone” policy. Out of all these, a homeowner’s insurance is probably the easiest to get. It may not cover the entire cost of your jewelry but any amount can help in cases of catastrophic damage.
The first thing to note here is to remember that any piece of jewelry that you own can be insured. There is a misconception out there where jewelry owners often think that only very premium pieces of jewelry are subjected to insurance. However, that is not the case at all! Any piece of jewelry that you own, love, and hold close to your heart can be insured!
It should be no surprise that jewelry is an investment. Jewelry is known to only increase in value and that is why many people treat them as investments and buy pieces of jewelry that they can sell later on at a much higher price! If you get a piece of jewelry insured, it would cover the costs in cases of any mishaps and therefore you would bear a loss. Jewelry is an expensive commodity and can cost very large amounts of money and that is why it is important to protect the monetary value.
It can be super upsetting to own a piece of jewelry that might not appreciate in value if damaged and that is why a lot of jewelry owners do not wear the jewelry that they get. When you own a very beautiful piece of jewelry that stands out, you might be afraid to wear it outside because it might get stolen or bear some damage. When insurance is in place, it gives you the freedom of wearing that jewelry piece and it also takes some pressure off of your shoulders.
When you own a piece of jewelry that is bought from an auction, is an antique, or a family heirloom, you might not know the actual monetary value of your jewelry piece. These pieces might come at an appraised price and that is why it is important to get these pieces insured. These are one of a kind, usually and the value of these pieces increases a lot than a standard piece of jewelry. Getting these pieces insured would give you an idea about the monetary value of the piece.
When you experience huge monetary loss in cases of a robbery, a natural disaster, etc there is nothing that makes up for the loss endured during these times. However, having insurance in place on your premium jewelry possessions would help the blow be softened. Obviously, nothing makes up for the loss and the emotional attachment that you might have to a piece but retaining the monetary value of a piece can help greatly during these difficult times. This probably the most well-known reason why people get their jewelry insured and it is a good one.
We all own a jewelry piece that we feel is too precious to be worn on a normal day and hence we just wear maybe one or two times in our entire lives. However, a lot of times you might want to lend your jewelry to a close family member or a friend but you can’t because nothing can make up for the loss if the piece is damaged or lost. If you get insurance for your jewelry, you would worry less about it being lost or damaged! This helps in your jewelry getting the appreciation it deserves.
It is no surprise that jewelry is used as an heirloom in families. A piece of jewelry is probably the most popular heirloom of all time. If you own a piece of jewelry that is unique and premium, you can use it as an heirloom and something to pass on down to generations. However, in case that the family heirloom is damaged, insurance would help cover a part of the cost or all of it which you can use to buy a new heirloom for your family! It is better to pass on something than nothing, right?