If you own any expensive jewelry such as a 4-carat diamond ring or a cherished pair of earrings, getting insurance can be a good idea. Youtube channel Q Report Jewellery Insurance breaks down some things to look out for when insuring your precious items.
One tip is to look out for any fine print in any agreement you discuss with an insurance company.
If your ring was, say, $15,000, a majority of all insurance companies would cover up to that total amount. There is no guarantee that the total retail value will be covered in the event that your ring is stolen.
Whenever you’re asked for a quote, the claims team of that company will negotiate the lowest price that they pay for coverage.
Also, be aware of the term “replace with something similar” in the coverage agreement. Most insurance companies are unfamiliar with how the process of buying and owning jewelry works. It’s all the more likely that the replacement item won’t be of the same quality as the piece you want to cover.
Instead, seek out insurance companies that specialize in jewelry. Doing so can give you back the full value of the item stolen.