Jewellery Insurance is a type of insurance policy that protects valuable items like rings, necklaces, bracelets, watches, and other precious pieces against risks such as:
- Theft
- Loss
- Accidental damage
- Mysterious disappearance
Here’s a breakdown of key points to know:
🔹 Why You Might Need Jewellery Insurance
- High Value: If your jewellery is worth more than what your renters or homeowners insurance would typically cover (usually limited coverage for valuables).
- Frequent Use: Daily-worn pieces like engagement rings are at higher risk of damage or loss.
- Travel: If you often travel with your jewellery, specialized insurance offers worldwide protection.
🔹 Types of Jewellery Insurance
- Standalone Jewellery Insurance:
- Offered by specialized providers (e.g., Jewelers Mutual, BriteCo).
- Often provides more comprehensive coverage and fewer claim restrictions.
- Riders or Endorsements on Homeowners/Renters Insurance:
- You can add a “scheduled personal property” rider for specific items.
- May be more convenient but could come with higher deductibles or limited coverage.
🔹 What It Typically Covers
| Covered | Not Covered |
|---|---|
| Theft | Normal wear and tear |
| Loss (e.g., ring falling off) | Manufacturer defects |
| Accidental damage (e.g., chipped stones) | War or nuclear hazards |
| Natural disasters (if specified) | Intentional damage or fraud |
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