Is Jewelry Insurance Necessary?

If you know the average cost of purchasing a valuable piece of jewelry in Chester, NJ, you understand that jewelry is one of the most expensive personal possessions anyone can own. Adding the sentimental value that’s attached to every piece of jewelry, it is financially and emotionally devastating if any of them is lost, stolen, or damaged. Many people opt to buy insurance plans that are specifically meant to cover jewelry. But, is buying jewelry insurance from an insurer like The Insurance Outfit really necessary?

What does jewelry insurance cover?

Even though the actual coverage for jewelry varies from one insurer to the other and from policy to policy, this coverage will protect you in case your jewelry is damaged or stolen. Most jewelry insurance policies fall into these two categories: unscheduled and scheduled policies. A scheduled policy covers specific pieces of jewelry that are specifically listed in the policy. But, an unscheduled policy covers items up to a particular value, meaning that you don’t need to list all the individual pieces you own.

Since jewelry insurance covers loss, damage, or theft of jewelry, your insurer will list all the terms in the policy document. Ensure you read your contract carefully and ask for clarification from your agent if you don’t understand some clauses. For instance, some policies can cover your ring if the prong breaks but you have to prove that the damage was accidental and not due to negligence (wearing the ring at the gym or doing heavy activities).

It’s evident that jewelry insurance is essential because it will protect you when you lose or damage your valuables. For more information about ensuring your jewelry in Chester, NJ, consider contacting The Insurance Outfit. We will help you understand why jewelry insurance is necessary and offer more information on your policy to avoid heartbreaks and headaches in case something happens to your jewelry.