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Insuring Engagement Rings and Other Fine Jewelry
You might be surprised to learn that your homeowner's or renter's insurance policy probably does not offer full coverage for your diamond engagement ring and other fine jewelry. Your insurance policy probably covers jewelry theft, but not loss that occurs for other reasons. Most homeowner insurance policies have a dollar amount of coverage for unscheduled property such as jewelry, but there are limits and they cover theft only-not mysterious loss or damage. Most insurance companies will not ask for updated jewelry appraisals on a regular basis, so it is up to you to regularly have your jewelry inspected and reappraised to reflect current markets.
Does your homeowner's insurance policy cover jewelry loss for reasons other than theft--such as for lost or damaged items? Read your policy carefully and ask your insurance agent to clarify the types of losses that are covered on your standard policy.
Many people prefer to buy a standalone type jewelry insurance policy because they don't want a jewelry claim on their homeowner's insurance. Homeowner's insurance rates are raised and based on claims history. Although some of your jewelry may be covered under your renter's or home owner's insurance policy, it may be worth insuring your wedding jewelry separately if its value exceeds that covered on your other policies You can usually purchase additional jewelry insurance for your wedding jewelry, but be sure to ask your jewelry insurance agent questions so that you have a good understanding of the coverage.
Jewelry Insurance
Considering the peace of mind it provides, jewelry insurance coverage is relatively inexpensive. Jewelry insurance premiums will range from 1-3% per year of the declared value of the wedding jewelry or diamond engagement ring and are based on the address where you keep the wedding jewelry, the level of coverage you select, your personal claims history and other policy details, Many people take steps to protect their wedding jewelry by installing alarms and security measures in their homes and most jewelry insurance companies reward this with lower premiums. Consult with your insurance agent about the details that are available from your particular insurance company for your wedding jewelry.
The minimum acceptable requirements from the jewelry insurance companies regarding documentation on your diamond engagement ring or wedding jewelry are usually very easy to meet. You may already have met them with paperwork that came with the purchase of your wedding jewelry. It's your requirements that should be more stringent. With most typical jewelry insurance policies, the jewelry insurance company is agreeing to replace a lost or stolen wedding jewelry with another diamond engagement ring of 'like kind and quality' in the case of a loss of your wedding jewelry. Defining 'like kind and quality of the diamond' is why they want an independent jewelry appraisal. This makes the independent jewelry appraisal effectively a statement by you about what will constitute an acceptable replacement diamond engagement ring. Think of the independent jewelry appraiser's description as the purchase order for the replacement wedding jewelry. Read the independent jewelry appraisal over carefully and try to picture what the replacement diamond engagement ring will look like if it's based on the jewelry appraisal's description of your wedding jewelry. If it's not in the independent jewelry appraisal, you aren't entitled to it in the replacement of the diamond engagement ring or wedding jewelry.
more on jewelry insurance >>
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