Why You Need Insurance for Your Diamond Jewelry Collection

Most of the expensive items that you own probably have insurance policies on them. Policies on your car and house help to reimburse you in case of accidents, fires, theft or other unforeseen events. If you have a diamond jewelry collection, you should take an insurance policy out on it as well.

Why Buy Jewelry Insurance?

Your diamond jewelry collection can be quite valuable, especially if the settings for your diamonds are gold. With gold prices at such high rates, thieves could break into your home and steal your jewelry in order to make some fast money. You should also insure your collection because of its sentimental value to you, especially if you own antique pieces or family heirlooms.

While nothing could help replace the sentimental value of your pieces, you can get reimbursement on their value if something does happen to your collection. Even if you lose a ring or earring when you are at dinner or taking in a play, you may still be able to place a claim on the missing piece and receive reimbursement for it.

Many people may not consider jewelry insurance to be necessary because they assume their home insurance policy will cover it if someone does steal their collection. However, homeowners insurance has limited coverage for jewelry and it doesn’t usually cover jewelry loss or damage.

Jewelry Insurance Coverage

By insuring your diamond jewelry collection, you will get coverage for jewelry losses no matter where they happen. Whether you lose your jewelry in your home, when you are out with friends or even on vacation in another country, most policies will cover your loss.

Some jewelry insurance companies also offer automatic coverage on diamond jewelry for up to 30 days after buying it. However, there may be a limit on coverage for damages or losses of up to $10,000. Some policies also cover jewelry you may only wear on occasion or for jewelry not listed on your current policy.

The Cost of Jewelry Insurance

When you buy diamond jewelry insurance, the cost of it will depend on where your residence is located. It will also depend on the amount of coverage you wish to buy. For instance, if you live in Brooklyn, NY and want $10,000 of coverage, you will pay approximately 3.9% for that coverage, which would be $390 per year. In most states the cost for jewelry insurance is 1% of the value of the policy each year.

In order to get protection for losses or damages to your jewelry collection, you can purchase an insurance policy for your diamond jewelry collection. Replacing jewelry can be very expensive, but if you have coverage on it, you will receive some reimbursement for your collection in case of loss or damage.

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