Jewelry insurance is not that expensive and can be added to most auto insurances. When you purchase a vehicle you also add it to your insurance policy. Your jewelry usually requires the same level of coverage as your auto insurance. However, if you lose your jewelry while in someone else s possession or your jewelry gets stolen, damaged, or stolen then you are out of luck. However, with jewelry insurance, you are covered for that loss.
Some jewelers Mutual Limited Insurance Company also insures jewelry. This insurance company is able to provide you the coverage you need for your jewelry regardless of who may be at fault in the theft. They will also insure your jewelry up to a certain amount of the actual retail price. Usually, their coverage includes up to one thousand dollars per damage. The great thing about this company is that they have many insurance products for jewelry, diamonds, and other precious items.
Jewelry appraisals are usually done for a fee and this will be the only coverage that your jewelry insurance policy will offer. There is no way to get any sort of reimbursement from jewelers for loss or damage to the jewelry due to theft, fire, or flood damage. The appraisal determines the market value of the item and a jeweler’s insurance company will not pay you for this service.
The appraisal process is fairly quick and simple. If you have purchased an expensive piece of jewelry then you should have it appraised within a day or two. If you did not pay cash for the piece then you should give them the buyer’s swatch or appraisal report. The insurance policy will provide you with a copy of this report and you will have to pay the difference between the cash payout and the market value of the piece.
Carat weight is not taken into account when setting a value on diamond jewelry. Even if the piece has precious stones such as diamonds, you do not have to worry about how many carats the stone weighs. You can insure a carat weight for a set of diamond earrings or a single diamond ring. The insurance company will insure the carat weight for a set of diamond rings or earrings with a single diamond and will provide you with the corresponding price.
Some insurance companies will insure a jewelers jewelry so that you do not have to do it yourself. It is nice to know that at times jewelry repairs can be covered. Many of these repairs would include repair of the diamonds or other jewelry and some of these repairs could be covered in the appraisal process. Insurance companies will typically require you to obtain an appraisal to determine the value of your jewelry. The appraisal is usually used to determine the price that you pay for the insurance policy.