Insurance is never a bad thing, no matter what it is that you’re covering. Every year millions of policies are issued, paid out upon, adjusted, renewed and so on. One of the more common items that’s covered is jewelry. Have you got yours covered?
It’s reasonable to assume that you may lose yours, have it stolen or accidentally damage it sometimes in the future. This isn’t a pessimistic outlook, it’s a sensible one. Accidents do happen, idiots take things that don’t belong to them, and so on. Living in an insecure world would suggest that the more precautions you take, the better your peace of mind will become.
Once you’ve made the choice to insure your diamond stud earrings or your one of a kind princes cut wedding band, what is it that you need to
be asking? Besides the obvious, what else do you need to know about,
inquire about, before you take out an insurance policy that perfectly
suits your needs?
Jewelry Insurance FAQ’s
There are a number of commonly asked questions that are worth sharing, as well as a few of the usual suspects. When it comes to negotiating any type of deal, the more questions you ask the more likely it is that you’re going to end up with the correct package. Remember – don’t ask, don’t know!
Ok, so the first thing’s that you need to be asking are the following:
- will the jewelry be covered for accidental loss/damage?
- will the cover issue the full value in the event of a loss?
- is there a deductible and if so, how much?
- will the policy provide like-for-like or a cash amount?
- is an appraisal an expected part of the deal?
- in the event that the item is replaced, is there a choice regarding the retailer?
- is depreciation factored in?
- how is a claim verified, what’s the process?
The above are all self-explanatory, so now let’s look at some of the FAQ’s thrown up by consumers that remain unsure of what they should have asked, or have questions once a policy has been issued.
All-risk Policy – is the jewelry covered no matter what, or is the
policy adapted accordingly, i.e. damage-repairable, partial loss etc?
Appraisal Update – is there a period of time attached to an appraisal,
which will then dictate that the appraisal needs to be renewed?
Home/Personal Security – is there an expected level of home security
involved, such as a house alarm, or the jewelry needs to be kept in a
secure setting, such as a safe?
Negligence – supposing that there’s a degree of carelessness involved in the loss or damage of an item, will the policy still issue?
Third Party Involvement – supposing a friend borrows then loses an
item, will it still be covered?
Policy Discounts – are there any incentives, such as policy discounts
if the jewelry is stored in a safe?
Geographic Limit – is there one? Supposing I go on vacation, will my
wedding jewelry still be covered?
The above questions are (of course) common sense, and anyone that’s looking to insure their jewelry should be asking the same ones – or similar.Insurance companies want your business, and should be able to
sensibly answer anything related to their insurance plans. If you
don’t like what you’re hearing, shop around.
Go with what feels right for you, otherwise you might find that if the worst case scenario happens, you weren’t covered quite as comprehensively as you thought you were.