expensive jewelry in a person handCatastrophes happen when we least expect them. They are traumatizing, especially if the items destroyed, lost, or stolen were uninsured. The loss can be more shattering if you lose a luxury item with more emotional value than its monetary worth. Jewelry and other expensive items may include family heirlooms or keepsakes that have been passed down from one generation to another. Insurance of expensive items covers possessions like;

  • Jewelry
  • Furs
  • Coins
  • Art
  • A collection of luxury watches

While the sentimental value of your original collection is irreplaceable, you can count on obtaining its replacement or equivalent monetary value if it is stolen or accidentally misplaced. A homeowner’s insurance policy will only cover a small portion of your jewelry value, while others will not cover them at all. Some of the reasons you should consider having a jewelry insurance policy include: 

1. You Get to Enjoy Your Travels and Hotel Services Without Worry

Most hotel safes are not that safe after all. Many people can access the safe. You do not want to leave your valuables in such a place without insurance. Your vacation or work trips will not be as peaceful as expected.

Some of the items that are prone to theft are expensive watches. You can get luxury watch insurance for that piece that you cannot afford to lose. The insurance can afford you the comfort to continue enjoying your vacation even if your engagement ring got lost at the beach.

2. You will Have Something to Pass Down

Insuring your keepsake ensures that you will honor the traditions when it’s your time to pass down the family heirloom. You do not want to break the family traditions just because antique jewelry once owned by your grandmother was stolen during a robbery. Luxury insurance will replace your piece if stolen as long you have a comprehensive cover.

3. Protects your Investment

For those who love to collect antiques, watches, and art pieces, their collection is both sentimental and of economic value. Losing a piece of art in a fire or through complete damage during transportation will lead to a significant financial loss. The insurance will reimburse you a considerable amount of money, if not the total value of your lost item. Your collection may not be as valuable as the Queen’s collection, but all the same, it deserves to be protected.

4. You get to know your Collections Worth

Before you insure your luxury items, you are required to take an inventory of all your valuables and have them all appraised. Go to a licensed and regulated appraiser so that you can get the accurate financial worth of your collection and respective certificates. A good appraiser will capture karat, jewelry color, and weight, among other important information.

5. Covers Damage and Repair Costs

While your home owner’s insurance policy may cover some of your jewelry when they are stolen, some will not cover the repair of your defaced jewelry. However, the insurance policy can cover all costs, including those of repairing a damaged piece. You can even get a cover that will cover the mysterious disappearance of your items. Mysterious disappearance is when you misplace expensive jewelry and cannot trace it.

6. It’s cost-effective

Though insuring expensive items may appear to be costly, it is not always the case. Most insurance companies will charge you about 1-2 percent of the collection’s worth, which is by any standard reasonable. This saves you a lot of money in the event of a catastrophe. Remember that expensive Gems and jewelry, in most cases, appreciate, and you will sell them more than you had bought it. This makes a luxury insurance cover even more necessary.

7. Ensures you have Peace of Mind

Stress and worry are negative feelings that no one should carry. You will not perform optimally if half your time is spent worrying about your valuables. This can happen more often when you travel, and your expensive jewelry or watches are at home without proper security. Owning luxury watch insurance ensures that when the unthinkable happens, insurance will replace your valuable item.

8. Honors your Good Memories

A luxurious jewelry policy will cover your expensive collection from all perils. In most homes’ invasions, these invaluable possessions are the most targeted. One can suffer immeasurable distress after losing an heirloom that has been in the family for a year or an engagement ring from a partner who has since passed away. The insurance will help you rekindle the memories that your art, jewelry, or watch carries by replacing them for you when the peril hits.

Ways of insuring your valuables

Consider having a floater policy through your homeowner’s insurance coverage to cover all your expensive collections. This will offer more comprehensive coverage on top of what the rentals or homeowners policy provides for you. The other option is to take a standalone jewelry insurance cover that will cover all risks, including the mysterious disappearance of your collection.

Always remember to use a qualified appraiser when insuring your jewelry and to re-appraise them periodically. Update your inventory from time to time to always have accurate data of your valuable.

Do you own an expensive item that you really value? It is high time you get insurance for expensive items so that you can safeguard them against any eventuality.