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Jewelry Insurance – Yes or No?

Posted by on 6/18/2015
Jewelry items can be pretty expensive and keeping them at home without insuring them may prove to be a costly mistake. When you have invested a heavy amount in buying a piece of jewelry, you also need to protect your investment. Jewelry insurance costs around 1-3% of its actual cost. It may appear to be too high and a waste of money to some people. However, insuring your jewelry gives you peace of mind that is priceless. Keep in mind jewelry insurance provides coverage against theft but if you lose it because of any other reason, you may not receive any compensation. There are many people who add their jewelry items to their assets when buying home insurance policy. However, most home insurance companies have placed a limit on the value of jewelry that can be insured along with home insurance policies. You may ask to add a clause to your home insurance policy if the value of your jewelry exceeds the limit of jewelry prescribed in your home insurance policy. Also, the amount of premium goes up considerably when including your jewelry items in the list of your valuable assets. These are the reasons you may need to buy separate jewelry insurance if you have considerable amount of jewelry products. Not having your jewelry insured is not a prudent idea as you have to be extra careful and alert every time you take out your jewelry to wear during a party or a function. Even though an insurance agent will try to paint a bleak picture if you do not agree to his jewelry insurance policy, he is right when he says that you can never have peace of mind when your jewelry is without insurance. Also, with risk of losing your precious jewelry items because of theft looming large over your mind all the time, you may not even enjoy the beauty and charm of your jewelry items. It can be nothing less than a nightmare to return home with your husband after having dinner only to find that your home has been ransacked and your valuable jewelry items stolen. And the horror of all horrors is the fact that you have not got your jewelry items insured. You need to weigh the pros and cons of jewelry insurance with no insurance at all to decide whether you need it or not. Also, the cost of jewelry insurance would appear to be peanuts when you compare it with the emotions and sentiments attached with your jewelry.
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