How To Enjoy Your Diamond Jewellery Without Worries
Jewellery makes an excellent accessory for any outfit and almost all social occasions from special events to everyday wear. Wearing jewellery is pleasurable for the wearer and, often, for the people who see it. Many of us tend not to wear our favourite pieces of diamond Jewellery as often as we might like because we are too afraid of the risk of doing so. That is why you need to insure your diamond jewellery!
We buy diamond jewellery because of its beauty and to commemorate special events in our lives. Keeping the most beautiful things we own hidden away defeats the purpose of spending a small fortune on it if we cannot risk wearing it. One thing that can give all jewellery collectors peace of mind: get your jewellery collection insured.
The Purpose of Jewellery Insurance
Having insurance for one's valuable collection of fine jewellery can take away much of the worry about its storage and use. However, jewellery owners need to know a few things to protect themselves fully from its theft or loss. Like other valuable assets, you can remove worries about your gold and diamonds by taking out an appropriate insurance policy.
What kind of coverage do you need? How comprehensive must the insurance cover be?
It is always best to do some research for you to be able to compare rates and coverage. You can also use insurance reviews for various jewellery insurance policies to find insurance companies with good online reputations.
Learn More about Insurance Policy Schedules
An insurance policy schedule is an outline of what is covered under the insurance policy. The schedule includes details about you (name, address, storage of your jewellery etc.). There is information about your responsibilities (how you will keep your jewellery safe, where it will be kept in your home, keeping up to date valuations of all items covered). You will see information about what the policy limits, the amounts insured, excess payments). The policy schedule provides information about any additional clauses and exclusions that apply to your circumstances, often applicable in cases where the value of the jewellery is very high or might be used in unusual situations.
The policy schedule is a part of the insurance policy document and provides a summary of the information. You need to be careful that the schedule provides the coverage that you need. Do not be afraid to compare several insurers' policies to make sure that you get the cover that suits you best!
In the UK, many household contents insurance policies provide coverage for items of jewellery. For many people, this coverage can be perfectly adequate. Still, suppose you have many pieces or a few items of exceptionally high value such as an engagement ring. In that case, you may find the standard coverage is not adequate. If that is your situation, check with your insurance agent or directly with the insurer to see if you can customize the policy to suit your needs.
If your coverage is inadequate, you may find that if you need to claim that the insurer will not pay out as much as you expect.
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Jewellery Policy Limitations
Many insurance policies only cover theft, often with some kind of reimbursement cap. The reimbursement cap is the maximum amount paid out for any jewellery item or the total value of all your jewellery. When you choose your policy, you need to make sure that the reimbursement amounts are in line with the replacement values of the jewellery covered.
Suppose you have several items of diamond jewellery. In that case, you might consider a policy where you specify each item and its replacement value. The coverage is usually broad with highly variable terms. To ensure that you are getting the kind of coverage needed, it is essential to ask questions, research, and find your best possible options.
Make sure that you are clear the coverage for loss, theft, and damage. Suppose your job or business entails much travelling outside the country. In that case, it is also essential to know about the requirements and details of the terms and conditions and possible coverage limitations. For example, some countries may be excluded due to the risk of theft. Know about these before you make any decision.
Be Familiar With The Insurance Claim Process
Ask about how claims are settled. The claims process will vary from one insurer to another, so you want to know how to make a successful claim and choose a policy that has a claims process convenient for you. Suppose you have many items in your collection. In that case, you can choose a policy that will adequately cover the loss, theft or damage of these items.
Some possible claim settlement arrangements include:
1. Replacement of your jewellery collection, and individual items
2. Payment of the appraisal value in cash
3. Payment of the full amount according to the item's scheduled amount
4. Reimbursement of the ACV or actual cash value
Update Your Jewellery Valuations
If you have a high-value collection, keep the valuations, sometimes called the appraisal, updated so that the insurance will provide adequate coverage. It is also essential to keep receipts of new acquisitions and the detailed appraisal reports from independent and qualified gemologists.
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Have your jewellery pieces individually photographed, listed, and valued by the insurance company. Keep track of the condition of each piece of jewellery; some older pieces may need repairs to prevent the diamonds and other precious stones from getting lost. Check the clasps are still holding your earrings, necklaces and bracelets securely fastened so that these will not easily get lost while you are wearing them.
A fine jewellery collection is meant to be enjoyed, but that does not change the fact that it carries many risks. Getting all these expensive items insured is the best solution to keep on enjoying them without worry and stress. Now you know enough to make a good choice when you insure your diamond jewellery.
The best diamond jewellery insurance tip is to get in the know; do your research and ask questions.
