What Are the Most Commonly Asked Questions About Jewellery insurance?
Jewellery insurance is still an unexplored concept for most people. Your engagement ring could be amongst your most significant jewellery purchases of the lifetime. At the same time, it is also the jewellery that is most susceptible to damage, loss, or theft. You wear it daily and it experiences wear and tears daily. What if you leave it at someplace you don’t remember? What if someone stole it from you and you’re not even aware of it. What will you do then?
Even if you don’t wear your jewellery that often, it is not that safe at home either. Calamity may strike anytime and it is better to get coverage than to rule over the losses. In this blog, we discuss the most commonly asked questions about jewellery insurance.
Why do you need jewellery insurance?
If you own a sentimental or valuable piece of jewellery, like an engagement ring or a precious necklace, then it is worth getting jewellery insurance online. It is easy for your jewellery to go missing. If you use them regularly, there is a higher possibility of damage to the jewellery. This should not be the case. A piece of jewellery is meant to be worn and enjoyed.
Jewellery insurance online will provide cover for your jewellery against any kind of loss, theft, or damage to the jewellery. The best part is the insurance which will cover any loss or damage, inside as well as outside the house. So, you no longer need to worry about scratches or damage to your jewellery. Even if you’ve left it somewhere and you cannot remember where the insurance cover will allow you to apply for a claim.
What is covered under jewellery insurance?
- Mysterious disappearance
Mysterious disappearance is when your jewellery goes missing but you are not sure whether it has been misplaced or stolen. An act of petty theft could also go unnoticed for days or months.
For instance, there is a party at your place, and you’ve decided to wear a piece of jewellery. Suddenly you realize that your jewellery has disappeared. The insurance policy will cover you for such mysterious disappearance of your jewellery and will make you eligible to apply for a claim.
- Accidental loss
Though accidental loss may sound similar to mysterious loss, it is vastly different. An accidental loss happens when you have lost your jewellery by mistake. For instance, you are wearing your necklace and it breaks due to some mishap, or you are on a holiday abroad and you have left your necklace at the hotel bathroom and do not remember it until you are back home.
A comprehensive jewellery insurance policy from a jewellery insurance company will provide you cover against such instances of accidental loss. A good insurance policy will provide you international cover as well for such incidents of accidental loss and make you eligible for a claim.
- Cover area
While choosing an insurance policy, it is important to determine whether the policy provides you with international cover as well. Most insurances provide only national or countrywide cover but the best policy is the one that provides international or worldwide cover for your jewellery as well. In this way, you could claim for any loss, theft, or damage to your jewellery while travelling internationally.
What is the cost of jewellery insurance?
Like any car insurance policy, the cost of jewellery insurance is based on the invoice value of your jewellery, your usage, your area to stay, and the insurance policy. The typical cost of jewellery insurance is around 1 to 2% of the value of the jewellery.
Should I buy a blanket insurance policy for the entire jewellery or buy individual insurance for each item?
When it comes to jewellery insurance, the best jewellery insurance company recommends that customers take a separate individual policy for their daily use of jewellery such as engagement rings, earrings, chains, etc. that they would be using daily. This would provide a specific cover to your jewellery, other than the rest.
Nevertheless, you could also opt for the blanket policy to cover all the items in your jewellery. The only requirement is that you need to get your pieces of jewellery appraised so that the insurance service provider knows about the replacement value of the jewellery.
How often do you need to appraise the jewellery?
A few of the jewellery retailers may include a free appraisal service from the retailer you buy the jewellery from. But still, it is recommended that you get your jewellery appraised every 5 years to add proper value to the product. It is crucial to get the jewellery appraised, after periodic intervals due to the constantly changing nature of the jewellery market.
The prices of gold or certain stones change every year. Moreover, inflation could also change the value of the jewellery. The correct appraised value of your insurance will allow you to get better cover for your jewellery.
If you own a precious piece of jewellery, you should opt for jewellery insurance from a reputed jewellery insurance company. If you want to know more about the best jewellery insurance company, you must visit O-Locker today.