Jewelry insurance rates Best Jewelry Insurance Companies, ConsumerAffairs

Jewelry insurance rates

*******

Best Jewelry Insurance Companies

Updated on 12/11/2017

Jewelry can be some of the most valuable assets a consumer owns, so protecting it seems like a no-brainer. With coverage against scenarios like theft or mysterious disappearance, jewelry insurance can help you keep your valuables safe.

Jewelry insurance is generally purchased as a part of your homeowners insurance or renters insurance. Though a basic amount is usually included as part of these insurance packages, it’s often wise to use stand-alone jewelry insurance as additional coverage.

Thanks for subscribing!

You’ll be the first to receive our tips and recommendations. Stay tuned!

Compare Reviews for Top Jewelry Insurance Companies

Jewelers Mutual Insurance Company has been providing jewelry insurance to individuals and businesses for over 100 years. Customers can choose their own deductible and work with their own jeweler, rather than a network member.

Based in Burlingame, CA, Lavalier provides worldwide jewelry insurance cover against loss, damage, theft and mysterious disappearance. Customers can customize their coverage limits and deductibles to fit their needs and budget.

Headquartered in Louisville, KY, JIBNA Personal Jewelry Insurance is an underwriting manager for personal jewelry insurers. The company provides agents and their customers with the cover they need at a price they can afford.

Perfect Circle Insurance is a subsidiary of Jewelers Mutual Insurance Company. The licensed company offers worldwide jewelry insurance coverage and allows customers to choose their own jeweler for repairs or replacements.

Travelers Valuable Items Coverage provides protection for valuables, such as jewelry and engagement rings. Coverage is available as a separate, standalone policy or as an add-on to an existing homeowner’s insurance policy.

Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.

What features matter when choosing jewelry insurance?

Accidental damage coverage

Coverage for accidental damage means you don’t have to worry if your jewelry breaks. It’s a valuable addition to jewelry insurance that only focuses on theft because of the greater likelihood that precious metals or jewels are susceptible to damage over time.

• Broken clasp: Clasps on fine necklaces, bracelets and earrings can be bent or pulled apart accidentally with just a little force.
• Bent prongs: The prongs that hold in diamonds, emeralds and other gemstones are quite thin, making them susceptible to being pulled out of place.
• Loose gemstones: Loose gemstones will wriggle free of their casing in time, which means they should be repaired as soon as you notice the problem.

Coverage for loss

This type of coverage entitles you to recover the value of any lost jewelry that has been insured.

• Pair or set: If one item in an insured set is lost, you receive the value of both.
• Replacement: An accurate appraisal including gem weight, identity, grades and brand – a Tiffany jewel, for example – affects what it will cost an insurer to replace the item of like kind. Replacement value stands in contrast to cash value, or what a buyer would pay a seller in the open market.
• Actual cash value: Receive the actual cash value of the lost item, which may differ slightly from the cost of replacement because of depreciation. Cash value, or the dollar amount a policyholder might expect if the item were sold in the market today, is equal to the replacement cost of the gem minus depreciation due to age, wear and tear.

Coverage for theft

Theft can happen anywhere at any time, so it’s important to be prepared. Theft coverage for engagement and wedding jewelry should also be taken into consideration. Because the burden of proof does not rest with the client, an insurer will settle the claim unless investigators uncover evidence of fraud.

• Home invasion: This coverage is for any items stolen as a result of a break-in.
• Robbery: This coverage comes into play if your property is stolen from your car or a location away from home.
• Partial theft: This happens when one or more parts of an insured item or pair are stolen.

Choice of repair jeweler

When it comes time to repair insured jewelry, there are a few ways the insurer can proceed in finding the right professional for the job.

• Client’s choice: In this scenario, it’s your decision, and you can choose any repair person to fix your jewelry.
• Insurer’s choice: In many cases, the insurer is the one to choose the repair professional because they have a relationship with the chosen person already.
• Client’s choice from insurer’s list: Another common way to decide on a repair professional is for the client to choose from a list the insurer provides.

Coverage for “mysterious disappearance”

It happens to everybody; you lose something but don’t know exactly how, when or where it happened. The definition for this type of coverage differs between insurers, but generally adjusters will determine if the piece was lost or misplaced based on simple questions about when the owner last saw the gem, whether anyone else had access to the home and where the jewelry was kept. As with theft, with stand-alone policies insurers will generally take policyholders at their word since the onus does not rest with the policyholder.

• Baffling loss: In this instance, an item is lost under confusing circumstances that don’t equate to theft or negligence.
• Disappearance while traveling: This coverage applies when you take a piece of jewelry with you on holiday or a long trip and don’t know when or where it was lost.
• Untimed loss: This scenario covers situations where the jewelry was supposedly in a safe place but has disappeared, and you aren’t sure of the time frame in which the disappearance occurred.

Jewelry business coverage

This insurance covers your stock if you own a business that deals in jewelry or repairs. It can also provide coverage for theft, loss or damage to jewelry that belongs to your clients while it’s in your possession. Jewelry business coverage is useful for these types of enterprises:

• Retail jewelry: These businesses sell new or used jewelry.
• Jewelry repair: Jewelry repair businesses specialize in the care, maintenance and restoration of fine jewelry.
• Pawn shops: These are stores that loan or pay money for valuable items such as jewelry and keep the items as collateral.

Engagement and wedding jewelry coverage

It’s important to insure engagement rings and wedding bands soon after you buy them. These are often the most valuable, and sentimental, pieces of jewelry a person owns, making their loss exceptionally difficult.

• Cost: Expect to pay around $1-$2 per every hundred dollars the ring is worth. So a $9000 ring would cost $90-$180 to insure per year.
• Appraisal: You can find an appraiser through the American Gem Society. Expect to pay $50-$100 for the service.
• Re-appraise it: Your ring is an investment, and so it should increase in value every few years. Have your ring and/or band reappraised every two to three years to make sure it has enough insurance to cover loss, theft or damage.

[youtube

*******
SOURCE:

The post Jewelry insurance rates Best Jewelry Insurance Companies, ConsumerAffairs appeared first on INSURANCE.

http://insurance.remmont.com/2020/09/19/jewelry-insurance-rates-best-jewelry-insurance-companies-consumeraffairs/