As we approach the holiday season, the time has come to consider how we will protect our most valuable gifts. Whether you are gifting a piece of jewelry to someone special or you happen to know someone has a gift in mind for you, planning ahead for its protection is a worthy use of your time.
Jewelry is often the most valuable thing that a person might wear daily or even for a special occasion. Each piece can be worth a few hundred or even several thousand dollars. It would be a tragedy if something happened to your jewelry, or jewelry that you gift, without the proper coverage. That is why Duliban Insurance Brokers can help you find the right jewelry insurance policy to ensure that your gifts of precious metals and stones are never unprotected.
Is Jewelry Covered By Your Current Insurance Policy?
If you have a homeowners or renter’s policy that protects your general possessions from theft; your pieces of jewelry are also covered. However, there are some important limitations to exactly what is covered and how large a claim you can file if your jewelry – along with other personal items – are stolen or damaged in the same incident.
Jewelry and Your Homeowner’s Policy
A homeowners/ renters policy will likely have a claim limit and a deductible. For example, if you have a $3000 claim limit and one piece of jewelry was worth $1,500, you can only claim $1,5000 more in the value of other items lost in the disaster or theft. If you have a deductible of $500 and just your $700 piece of jewelry was stolen, only $200 of that would be covered.
Your policy might have a specific coverage category for jewelry, and if so, you’ll want to know its limits to see if it matches the value of your item or collection.
In addition, home insurance only covers loss that occurs in the home. If you’re looking for insurance that will let you (or your “giftee”) wear precious jewelry without fear, this is not the type of coverage you are looking for.
Adding Blanket Coverage
It should be noted that if you are mainly worried about protecting jewelry in the home with proper coverage amounts, you can add a blanket policy to your existing policy to raise the limit and cover more of your jewelry in addition to the other personal contents of your home.
Can You Get Insurance For One Special Piece of Jewelry?
Yes, you can secure an insurance policy for just one piece of jewelry. There are a few ways to do this, but the most effective way is to schedule the piece with an insurance provider. You can do this for your own favorite piece(s) of jewelry or even set up special coverage ahead of time for a piece of jewelry you plan to give as a gift.
Schedule Insurance For One Jewelry Piece
Scheduling a piece of jewelry means taking out a special insurance policy for just one piece. Many people, for example, will schedule their engagement ring as the single most valuable piece of jewelry they own. You can do this for each highly valuable piece of jewelry in your collection, whether that is one necklace or a few very special pieces that you’d like to be able to both wear and protect at home.
Be sure to check the terms to know exactly what types of damage or loss are covered, including accidental damage, theft outside the home, and so on.
Jewelry Warranties and Service Plans
It should be noted that most jewelry insurance policies do not cover manufacturing flaws, wear-and-tear, or stone-tightening services. To set up one piece of jewelry for full coverage and care, you will also want to secure a jewelry warranty and a jeweler’s service plan.
A jewelry warranty covers manufacturing flaws that might cause your jewelry to incur damage during normal use. It may already come with the piece when purchased, if you keep track of the card.
A jewelry service plan can be purchased (or may come automatically) from the jeweler where the piece was purchased. You can also buy a service plan from a local jeweler if you move or don’t have one already. The service plan includes cleanings, stone-tightening, and fittings.
How to Gift Jewelry and Insurance Coverage Together
Are you preparing to gift a piece of valuable jewelry this holiday season? If your goal is not only to give a beautiful piece, but also to provide your loved one’s confidence in wearing your gift, pair it with an insurance policy in their name and pre-pay the first year (or more) on their behalf. Include the warranty information and a jeweler service plan for a location near their home for even more loving consideration.
You might schedule the piece so that it is fully covered at the time of gifting or discuss the appropriate insurance options with a specialized jewelry insurer. This is a wonderful way to gift jewelry, especially if the gift recipient is young or this is one of the recipients few truly valuable pieces of jewelry.
Insure Your Gifts of Gold With Us
At Duliban Insurance, we want to help you wear your gifts with confidence and give gifts that are purely joyful. Whether you choose to gift jewelry that comes with insurance coverage, are planning to insure any jewelry you receive, or realize it’s time to insure your own collection, we can help you choose the right type of insurance coverage and locate the ideal provider and plan for your needs.
Contact us to discuss your jewelry insurance plans this holiday season.
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