The Benefits And Drawbacks Of Jewelry Insurance
According to the FBI, over $14.3 billion in losses were reported due to property crimes in the United States last year. In addition to these losses, around $390 million was lost through robberies in the country as well. Jewelry is rated as one of the most precious items being stolen by the general public, as a simple piece of jewelry can cost thousands of dollars, especially when equipped with a diamond. Jewelry that uses platinum and high quality gold for its settings also pushes up the value of the jewelry significantly. Losing such items is disappointing and replacing them may be impossible in many cases.
This is where jewelry insurance comes in handy. This type of insurance pays out upon the loss or damage of precious jewelry pieces included in the insurance policy. Some companies would only insurance a piece of jewelry against theft; thus only pay out and replace the piece when it was stolen. Others, however, would also protect against accidental loss. There are also some jewelry insurance companies that protects against damage and pays out for the repair of jewelry pieces should they be damaged.
The Benefits Of Jewelry Insurance
There are many benefits involved in the process of buying jewelry insurance. The most significant benefit would, of course, be the fact that you can take your jewelry with you wherever you go with a peace of mind that you will not lose all of your money should you lose them or should they be stolen.
Jewelry can be damaged at any time, and this is another great benefit of jewelry insurance as such a policy often covers against damage as well. Should your engagement ring be damaged, for example, you can take the engagement ring to a jeweler in your local area and get it fixed without having to pay for the repairs yourself. The insurance policy will instead pay the jeweler for the job done.
Furthermore, another major benefit of jewelry insurance is the fact that it usually costs way less than most people think it does. While standard insurance for vehicles and household items can cost quite a lot on a monthly basis, jewelry insurance rather costs around one to two percent of the jewelry’s worth on an annual basis, which is usually split into 12 monthly payments.
The Drawbacks Of Jewelry Insurance
Now that we have covered the benefits that jewelry insurance has to offer you, we need to look at potential drawbacks of this particular type of service as well. You should note that the benefits of jewelry insurance most certainly surpasses the potential drawbacks that may apply to these services, as there is not a lot of drawbacks concerning these services.
The most significant drawback would be to pick a jewelry insurance company that is not trustworthy and scams you into paying monthly fees without paying out when you submit a claim. This would be unpleasant and lead to extra losses. To counteract this effect, simply look for an insurance company that is trusted and used by many jewelry owners.
Top Jewelry Insurance Companies
While some jewelry insurance companies are not the most trustworthy in the industry, there are some that offers a reputable service used by a lot of people. Here’s a look at three of the most renowned jewelry insurance companies in the United States:
- Jewelers Mutual – Amongst all the different insurance companies specializing in jewelry insurance out there, Jewelers Mutual is probably the most trusted. They offer affordable monthly premiums and professional services that everyone who owns precious jewelry can benefit from.
- JIBNA – JIBNA is another popular choice amongst those who own expensive pieces of jewelry. They offer competitive rates, ranging from premiums as low as $50. The company specializes in jewelry insurance services throughout the entire United States.
- Lavalier – Another excellent option when it comes to buying insurance to cover your jewelry. Lavalier is trusted by thousands and offers an instant, free online quotation that gives you an idea of how much you should expect to pay to cover your most precious pieces of jewelry.
Jewelry insurance should be an essential part of your monthly budget if you own expensive pieces of jewelry, such as a diamond engagement ring. With jewelry insurance, you do not have to worry about losing the money that was spent on your jewelry should it be lost or stolen. Instead, you will be able to confidently replace your lost jewelry in the case of theft or even when you accidentally lose the jewelry.