'Tis the Season to Think About Jewelry Insurance

The holidays will be here before we know it, and you may be shopping for gifts. Some of those gifts are sure to include jewelry, watches and engagement rings. In fact, at least 18% of annual jewelry sales occur during the month of December. That means there's no time like the present to educate yourself on the importance of jewelry insurance coverage.

What you need to know about jewelry insurance, here's a quick primer.

1. Jewelry insurance is not expensive.
The annual premium for a jewelry insurance policy usually falls between 1 and 3 percent of the value of the item(s) insured, which is a small amount to pay to fully protect your valuable jewelry.

2. Homeowner's and renter's policies are not enough.
If you have a homeowners or renters policy, you may assume their jewelry is already covered. These policies, however, usually impose caps on how much they can pay in the event of a loss. If the jewelry is worth more than a few thousand dollars, this type of policy would probably not be sufficient.

3. There's a difference between riders and dedicated policies.
You may assume that the best or only way to insure
your jewelry is to add a rider to your homeowner's or renter's policy. Riders may offer higher limits and broader coverage; however, they may not be designed specifically for jewelry. If an item is worth insuring, it makes more sense to go with a policy designed for that purpose.

4. Jewelry insurance is worth the investment.
Jewelry insurance can cover a wide range of partial and complete losses - from "mysterious disappearance" to chipped stones. It also provides you with a great deal of choice, allowing you to have your piece recreated by a custom designer, or repaired by the jeweler of
your choice. Depending on your needs, there is an affordable policy that will fit the bill - and with a gift as precious and meaningful as jewelry often is, it's well worth the effort.

During the season of giving, we wanted to share these invaluable tips about how to protect your jewelry. If you are planning to purchase a precious gift for someone this holiday season, make sure you know what jewelry insurance can do for you, and how important it really is.

To learn more about how we can assist you in insuring your jewelry and answer your question
s, please contact Aileen Ernest at Premier Insurance at 239-542-7101x201 or aileen@premierinsurancecorp.com.  


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