Lost that jewelry piece passed on in your family for generations? Jewelry Insurance policy has got you covered. You might have some precious jewellery, including some antique pieces. You should insure your precious jewellery with a proper bond.
Jewelry insurance covers the policy holders the loss or repair of their precious pieces of jewellery.
In this article, you’ll find answers to your jewelry insurance questions-
Conditions under which you can claim insurance-
Losing any jewelry piece hurts you but losing the most precious ones like your engagement ring, or your grandma's ring can feel irreplaceable.
Depending upon your policy conditions, stated below are a few general conditions under which you may and may not be able to claim your jewelry insurance-
Loss cover- If misplaced, you are covered.
Theft cover- You are covered in case of theft
Worldwide coverage- Your jewelry is insured even when you travel.
Confiscation- If your jewelry is seized by a bank or public authority, your jeweler doesn’t cover you.
Trinkets or gemstones- In some cases, your policy doesn’t cover jewelry of low monetary value and gemstones or items that have deteriorated over time.
Your jewelry insurance may exclude the following conditions for coverage-
Ways to get you covered
The cover depends on the value of your pieces, the premium you afford to pay, and the policy you choose.
It provides cover for the following-
Cover up to an upper limit- There's an upper limit to how much you can claim. So, if, for instance, you lose a ring worth $6000, you may get only $1000 depending upon your policy terms and conditions. So read the terms of your policy before you pay.
Portable cover- While some insurance company can cover only your at-home jewelry, there’s an option for out-of-home claims too. It, of course, comes with an extra premium.
Specific jewelry insurance- It is independent of your home and contents insurance. The range of cover depends on the company you buy the policy of, the monetary value of your piece, the premium, and the terms and conditions of the policy.
How to get yourself the most suitable policy?
When deciding between a plethora of options, knowing answers to these questions can come in handy-
What pieces would you like to be covered?
How much premium do you afford to pay?
If you want only at-home coverage or while traveling overseas too
If you have home and contents insurance, what is already covered in it? You don’t want to be paying an extra premium.
Things to be wary of while deciding on a policy
Before signing any documents, make sure you read the details of your policy. You can also find such information on the insurer’s website under the Product Disclosure Statement (PDS).
Read the exclusions and contact the insurer in case of any confusion. You can also discuss the same with your agent.
Know the maximum limits-
Look out for the maximum limit your policy provides you with. For instance, you may lose a watch worth $7000 and get a claim of only $2000 or even less.
It’s better to know it beforehand than be surprised at the claim counter of your jewelry insurance.
Compare your options well-
To find the best on-budget insurance, stay informed about the pros and cons of various policies, know what is covered in what policy, and make informed decisions for maximum utility.
The Bottom Line
With jewelry insurance, you can wear your favorite pieces at home and even when you are out and about anywhere in the world without having to worry.
Make sure to read all the policy-related documents carefully before choosing your policy.
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