How to Insure Jewelry [Full-Guide]

Insure Jewelry and Valuable Items

How to ensure your jewelry and valuable items. Valuable items, we all have them. Whether it’s your engagement ring or a beloved family heirloom, you deserve the peace of mind knowing that you’re prized possessions are protected from loss. While typical homeowner’s policies are designed to protect your home and what’s inside, there may be limited coverage for certain valuables that get lost, stolen, or damaged.

With a valuable items’ endorsement or Personal Articles Floater, you can help protect those valuable possessions. Here are some tips on how to insure your jewellery and valuable items. Read your homeowner’s policy. Know what your policy covers and your coverage limits. And remember, certain high-value items may not be adequately covered. Make a list of the valuable items you want to protect.

This might include jewelry, artwork, silverware, golf clubs, or other items of significant value. Assign a value to each of them. If you’re not sure, consider having the items appraised and get the total combined value of all the items you want to insure. Keep in mind that insurance carriers may require a written appraisal or receipt to verify the value of these items. Consider increasing your coverage.

Talk with your insurance agent about what it will cost to add the appropriate coverage to your homeowner’s policy to adequately cover your valuables. Chances are, you’ll find the cost is pretty reasonable. Ask your agent for a quote on a Personal Article Floater insurance policy.

This can be a good choice when the value of a single item exceeds the applicable limits of your homeowner’s policy or when you have a significant number of valuable items to insure. If it’s precious to you, it’s precious to us. Talk to your Travelers representative or independent agent about the best way to cover your valuables.

Jewellery insurance [Full-Guide]

Have you ever lost any piece of jewellery that costs a fortune? With jewellery insurance, you will be financially secured in such situations. In fact, jewellery insurance covers more than just the loss of your jewellery. It can cover for accidental damage, theft and mysterious disappearance.

Additionally, it provides coverage for possessions that are newly acquired after the day you purchase your insurance product, for up to 60 days usually. On top of that, you will need to pay an additional premium to cover that jewellery. Therefore, you can rest assured that your precious assets are secured regardless of the type of jewellery involved. You may wonder why you need jewellery insurance.

More than often, pieces of jewellery are very expensive, and there might even be sentimental value attached to them, making them even more precious – in other words, “no amount of money can be used to compensate for that important value”. Therefore, with this form of insurance, you will be able to receive some form of compensation in the event that they are damaged or lost.

Usually, our clients will want their sentimental piece of jewellery to be repaired and restored due to its value, this is where compensation will be provided for repair and restoration costs.

Let us share with you the fundamental features of this policy. Firstly, it offers a worldwide cover. In other words, if you bring your jewellery overseas and it is damaged, lost or stolen, your jewellery insurance can still cover these events. Take, for example, you were to travel to Dubai for a vacation or business trip and you happen to lose your insured jewellery during this journey.

In this case, you can claim the lost jewellery after you arrive back in Singapore from your respective insurer. However, insurers can only insure up to $100,000 for losses of jewellery out of the home safe. Secondly, there is a high claim limit per item.

Jewellery insurance is able to cover your losses as high as the insured value of your valuables, so you can be financially secured. In certain claims, insurers might request depreciation valuation to be established by an independent expert agreed by the insurers themselves, which might lower your final claim amount.

Thirdly, in the event that the policyholder needs to claim a sum of money from the insurer, they will go through a process of claim adjustment. It is where insurers adjust the claim amount depending on the coverages and legal liabilities involved, with the intention to fulfil the insurer’s promise with the policyholder.

For example, in some situations, insurers might offer to pay the repairment cost for your damaged jewellery rather than giving actual cash for compensation. In other cases, policyholders might prefer receiving repairment costs for the jewellery if it holds a certain level of sentimental value to them, so insurers might adjust the claim accordingly to fit the needs of the policyholder.

Finally, there is a Pair and Set Clause. If one item among your collection of jewellery is lost or is damaged beyond repair, you can claim the cost of the whole collection. But do take note that you’ll have to give up the remainders of the collection.

Now we are going to talk about the premium of jewellery insurance. Typical premium rates for insuring jewellery usually come in around 0.5% to 2% of the jewellery’s value. Like car insurance, your rate will vary depending on how frequently you wear the jewellery, the place where you store your jewellery, your country of residence, your personal reputation and the deductibles that correspond to your insurance plan.

But before you insure your jewellery, you will need to provide an estimate or appraisal of the value of your jewellery. There are a few possible ways of knowing the value of your jewellery. You might still have kept the purchase invoices after buying your jewellery, and so these can be used to determine the insurable value.

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