You may have homeowners’ insurance and think you don’t have to worry about your precious engagement ring. Your homeowners insurance may protect the contents of your home but it definitely does not protect your precious jewelry. Homeowners may protect your jewelry for theft but not for any other reason.
Homeowners insurance as well as renters insurance does protect your jewelry to some extent but they have their own limitations. If you want to protect your fine jewelry then purchasing additional jewelry insurance is a sensible idea. You may want to ask few questions when you buy additional insurance for your fine jewelry. Get in touch with your agent and ask him as many questions as possible. You may use few of the following:
- Is there a deductible? If yes, then ask him how much is the deductible and the effect of raising or lowering it on the total cost of your policy.
- Do you need to get your jewelry appraised before insurance? Is there a particular type of appraiser who is approved?
- Will your jewelry be covered no matter where the loss occurs? Will they be covered when you are traveling – domestic or international?
- If the items are lost or damaged, is it a must that you replace the item or can you obtain cash settlement?
- Does your rider policy cover the cost of repairing your damaged jewelry?
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