It’s really exciting when you get a new piece of jewellery! However, on the practical side of things, you don’t want to lose it, damage it or have it stolen. That’s where jewellery insurance comes in.
Who needs jewellery insurance?
You don’t have to be a billionaire to require jewellery insurance. Do you have jewellery items of value, in terms of money or sentiment? Would you struggle to replace them in case of loss or damage?
If you answered yes both times, then you should consider jewellery insurance.
What does jewellery insurance cost?
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 jewellery insurance per piece of jewellery can start from around £19.00 per year.
Compared to mobile phone insurance at £15.00 per month, that’s very good.
When is jewellery insurance useful?
Jewellery is small, valuable and delicate. Whilst “worse case scenarios” are very rare, there are a few common situations 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 the sentimental value, it’s reassuring to know you’re covered financially.
But what if I already have a guarantee from my jeweller?
A guarantee from your jeweller covers manufacturing defects and it’s a great thing to have. However, 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 – compared to home insurance or travel insurance
Jewellery insurance companies only insure jewellery. This means their policies are created by specially to offer full cover, no questions asked, for a wide range of circumstances.
Jewellery insurance cover also tends to be worldwide, so you don’t need additional travel insurance.
In contrast, with home and travel insurance, you may have to negotiate the terms and there are often have limitations, or you might have to pay an excess.
In conclusion, jewellery insurance offers…
✔ 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.