It’s very special and exciting when you get a new piece of jewellery. On the more practical side of things, you need to protect it from loss, damage or theft. That’s where jewellery insurance comes in. It makes looking after your jewellery as hassle-free as possible.
Who needs jewellery insurance?
You don’t have to be a millionaire to need jewellery insurance. Do you have any jewellery items of value, either in terms of money or sentiment? Would you struggle to replace them in case of loss or damage? If you answered yes to both, then you need to consider jewellery insurance.
When is jewellery insurance useful?
Jewellery is small, valuable and delicate. While worse case scenarios are rare, there are a few common situation that jewellers see all the time. For example, when jewellery catches on something (like a door or gym equipment), it can snap a chain or bend a diamond setting. Earrings are also fairly easy things to lose. Finally, there’s the risk of theft. While insurance cannot replace sentimental value, it’s reassuring to know you’re covered financially.
What about the manufacturer’s guarantee?
A guarantee from your jeweller covers manufacturing defects. It won’t replace jewellery that’s lost, stolen or damaged post-purchase. This is similar to when you buy a car. If the motor fails within warranty, the dealership will replace it. But if your car is stolen or you have an accident, that’s when your car insurance comes in.
Benefits of jewellery insurance
Jewellery insurance companies only insure jewellery. This means their policies are created by experts and usually offer full cover for a wide range of circumstances. Jewellery insurance cover also tends to be worldwide, so you don’t need additional travel insurance. In contrast, home and travel insurance often have limitations, or you might have to pay an excess.
Jewellery insurance is very affordable
The cost of jewellery insurance is low compared to other types of insurance. The premium will depend on the value of the jewellery. For example, in the UK the average cost of a jewellery piece owned by someone is around £250.00 and jewellery insurance can cost as little as £19.00 per year. (Compared to mobile phone insurance at £15.00 per month, that’s very good.)
Good jewellery insurance will offer…
✔ Full, worldwide cover
✔ Cover jewellery that’s lost, stolen or damaged
✔ Hassle-free claims
✔ No excess
✔ Protect single items or entire collections
✔ Premiums starting as low as £19.00
✔ Specialist insurance by jewellery experts
✔ Replace or repair jewellery
✔ No worry about home insurance limitations
What’s most important is finding the right policy for you. Now that you know what you should be looking for, purchasing jewellery insurance should be easy.