There are few material possessions more precious than your fine jewelry, wedding rings, and heirloom pieces. People often mistakenly think that their homeowner’s policy will cover a jewelry loss, but the truth is that this coverage typically will not adequately cover these irreplaceable items. A specific jewelry plan will compensate you for repairing or replacing your treasures if they are lost, damaged or stolen.
- “Do I really need this?”
- “Doesn’t this seem unnecessary?”
- “I have plenty of time to consider getting a policy.”
These thoughts may be going through your own mind right now but when the worst happens you will wish you had been fully prepared and protected.
When Tragedy Strikes
We’ve all heard those tales of people losing their brand-new wedding rings on their honeymoon – whether in the sea or sand. But even worse was the sad story just recently from a concert in Florida. A couple become engaged during a song at a country event. Everyone cheered and the couple was overjoyed. Soon after the new bride-to-be was found inconsolable as she searched everywhere. She had lost her beautiful new sparkling diamond ring right after it was placed upon her finger. Unfortunately, their joy-filled moment turned sorrowful, and they left the venue without ever having found the ring.
While this would have been regrettable either way, if the groom-to-be had purchased jewelry insurance before dropping to a knee, the couple would have known they would be able to get a replacement.
Getting Coverage
You may still be asking a few questions:
- “Isn’t it expensive?”
- “Is it hard to get?”
- “How does it work?”
It is important to know that coverage is easy to get (a simple appraisal is usually the only thing needed), it’s not a huge expense to purchase insurance, and it gives you peace of mind! The cost for a specialized policy varies but, as a general rule, it will only be 1-2% of the appraised value of the piece. For example, a $5,000 ring will cost somewhere around $80/year depending on your location and coverage.
If you have existing jewelry that is unprotected, you should consider getting coverage as soon as possible. And if you are simply in the market for an engagement ring, know that your very first call after swiping your credit card should be to a jewelry insurer. No matter which situation fits your own jewelry story, don’t wait another day and call Lavalier right away for a personalized insurance quote.
References:
- Everything You Need to Know About Jewelry Insurance. www.usatoday.com. (Accessed April 25 2024).
- How Jewelry Insurance Works – and Why You Might Need it. www.fortune.com. (Accessed April 25 2024).