It’s usually the exciting occasion of getting engaged that motivates people to start looking into jewelry insurance. Not surprising, perhaps, since an engagement ring is as much a financial investment as the emotional one you make by saying “yes”. If you’re looking into coverage for your ring, though, it’s the perfect opportunity to take inventory of the rest of your jewelry box. Your jewelry is something you cherish. It’s personal and meaningful, collected and curated over a lifetime. Even if you haven’t spent a fortune on each piece, you might be surprised at the overall value of what you own.
Almost any piece of jewelry that has value to you, be it financial or emotional, is insurable. How much insurance coverage should you get? To figure this out you’ll want to have receipts and appraisals handy. If some of your jewelry hasn’t been appraised recently (or ever), consider getting it appraised. What you really want to know is: if (god forbid) someone swiped your entire jewelry box, how much would it cost you to replace what’s gone? You want to make sure you’re covered for that amount. Many homeowner’s or renter’s insurance policies offer limited coverage; for example a policy might offer as little as $1,000 for certain categories of property such as jewelry even if your total policy amount is much higher. That means if you lose your jewelry… and your TV, laptop, golf clubs, and good silver… you’re incredibly underinsured. Things just went from bad to worse.
Here’s a list of some commonly overlooked items you can insure along with your wedding set on your jewelry insurance policy. Through Lavalier, you can buy just one policy that covers all of your items’ total value.
- Family Heirlooms: Your great, great, great grandmothers emerald ring, your mother’s pearls… priceless memories that have been in your family for generations. You may not have receipts or appraisals for heirlooms or vintage items, so be sure to get them appraised so the replacement value is accurate.
- Watches: Many people invest in their watches, an accessory worn almost as often as your wedding rings Even if it isn’t a Rolex, you’ll still want to be sure to get coverage for any watch that would be costly to replace. And don’t forget your groom’s watch! Timepieces have become one of the most popular gifts from bride to groom…some almost as valuable as the engagement ring he gave you!
- “Statement” Pieces: Most women have a jewelry collection full of variety, to mix and match with their wardrobes. Those special occasion statement pieces – necklaces or bracelets, earrings or brooches – can really add up in value. Whether made of diamonds or CZ’s, vermeil or solid gold, you should consider insuring these items.
- Designer Jewelry: It may have come in a little blue box or a “little brown bag”: your designer pieces weren’t cheap. You’re paying for a design, and you’re paying for a name. Save your receipts for these items, and don’t think twice about whether or not you should insure them. You should consider, when reviewing insurance policies and terms, going with a company that is going to replace your brand name item with it’s actual brand name replacement, and not a less expensive alternative.
- Sentimental Treasures: You’d probably have a hard time getting jewelry insurance for the ring pop your first crush gave you: but that delicate gold necklace you wore all the time as a teenager is definitely something you can cover. If you were to lose a sentimental piece, getting a replacement probably won’t do much to mend your broken heart, but you will be able to find a close match to make new memories with (remember: the better your documentation on your jewelry, the better your jeweler will be able to create a just-like-the-old-one replacement).
If you’re already looking into jewelry insurance for your high ticket items, you might as well take an inventory of your personal collection and tally up the cumulative value of what you own. For a few extra dollars you can rest assured that the jewelry you’ve curated over a lifetime is safe from theft, loss, or damage. If you have a handful of items that aren’t worth as much as your engagement ring, remember: some jewelry insurance policies let you buy coverage for the smaller items too. With this additional coverage (often called “unscheduled coverage”, meaning you don’t have create a list or “schedule” of the specific items) the rest of your jewelry will be protected, whether something happens to one piece or your whole collection!
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