Signs You Would Benefit from Having Jewelry Insurance

Do you own expensive jewelry that you need to keep protected? Here are 10 signs you should inquire about jewelry insurance today.

In 2014, Americans spent a whopping $78.98 billion on fine jewelry and watches. If you own expensive jewelry, you already understand the importance of taking care of your beautiful items.

But, if you don’t have jewelry insurance, you might not be taking care of them as well you thought you were!

On the fence about purchasing a jewelry insurance plan? Keep reading for the 10 signs that it’s time to consider this option.

1. You Already Insure What’s Important To You

Chances are, you already have medical, auto, homeowners, and life insurance. If not, they better be on your imminent to-do list!

As a responsible adult, you know the importance of protecting yourself financially in case a worst-case scenario emergency happens.

If your jewelry is important (and we’re guessing it is), chances are you should also consider taking care of it with jewelry insurance.

2. You Just Got Engaged

Currently, the average engagement ring costs about $5000, which is no small chunk of change.

If you’re knee-deep into planning the wedding of your dreams, you already have enough to worry about in managing catering, florists, and wedding dresses.

Don’t let one of the only tangible pieces of your wedding (your engagement and rings) get lost in this important process. This may be the most important piece of jewelry you ever own- we recommend that you cherish it as such.

3. You Travel Frequently

Whether you enjoy European vacations or lying on Caribbean beaches, if you like to travel, you need jewelry insurance for two important reasons.

First, if you travel with your jewelry, you risk the inherent liability of risk associated with travel (theft, mugging, losing it at the bottom of the Carribean ocean).

Second, if you travel without your ring, you risk leaving it in an empty house that can potentially get broken into.

Remember, this isn’t to scare you- it’s to protect you and keep you informed!

4. You’re Clumsy

Do you trip and fall all the time? Or, do you put things down and lose them right in front of your very eyes?

It’s okay to be clumsy (chances are, you can’t help it!), but when it comes to your jewelry, it would be absolutely devastating to break or lose your precious goods without having proper insurance.

For the klutz in all of us, these policies can be a true godsend.

5. You’re Athletic

Whether you like trekking mountains or running marathons, you already know all the benefits that come with exercise.

One of the downsides, however, is that exercise can wreak havoc on your jewelry! From sweating to swelling to breaking or accidentally misplacing your items, any athlete knows the benefits of having jewelry insurance.

6. You Do Manual Labor

Work in a physically demanding job? More power to you! With that said, if you wear jewelry on the job, your chances of damage exponentially increase.

Don’t take any chances with this. If you work in any sort of job that requires lots of movement or physical activity, get insured!

Your wallet will thank you- we promise.

7. You Have Heirloom Pieces

Many family members pass down jewelry from generation to generation. It’s a beautiful tradition, but it can feel like quite a lot of pressure to make sure nothing happens!

Unfortunately, like all things, jewelry can deteriorate from normal wear and tear. You can be wearing the same ring every single day and wake up one morning noticing that a diamond fell out or a prong loosened.

Jewelry insurance covers all the costs and damages for these kinds of repairs. They can also help replace stones and fixtures.

It’s well worth the peace of mind if you want to keep your jewelry lasting throughout the generations.

8. You Plan to Sell

Even if it may not be at the forefront of your mind right now, many people choose to sell jewelry or precious stones for income later in life.

Jewelry can actually be a great financial investment- but you need to be logical and organized in your process.

It would be a complete waste to buy a piece with the intent to sell without having a good jewelry insurance plan. After all, what if something happens like it gets stolen or breaks? There goes your hard-earned money down the drain.

9. You Have a Busy Household

Got small kids? What about adorable furry friends? Or, perhaps you just have some nosy roommates?

Whatever the case, if you have a lot happening in the household, you’re putting your fine jewelry at risk! Even people with the best intentions can make mistakes (we’re looking at those adorable, small children).

You don’t want to come home to your daughter playing dress-up with all your precious jewels. Do you and your family a favor. Get the jewelry insurance. It’ll make costume dress-up a lot less stressful for everyone involved.

10. Your Current Coverage Isn’t Enough

Many homeowner policies cover personal property limits. However, each insurance company sets limits on price totals for jewelry. If the value of your jewelry falls below that amount, you’re in the clear.

However, if you own a lot of fine jewelry or a few very expensive pieces, it’s likely that your current coverage isn’t enough.

Not sure how much your current items are worth? Get a professional appraisal- most of the time this is actually mandatory for getting jewelry insurance, anyway. It’s the best barometer to determine how much your items are actually worth.

Final Thoughts on Jewelry Insurance

Whether you’re the lucky owner of all your grandmother’s inherited gemstones or a new bride-to-be flashing a pretty diamond, it’s important to consider the virtues of insurance.

Interested in reviewing or inquiring about other insurance plans, like auto or homeowners policies? At Mooney Insurance Brokers, we’re here to help you with your free, personalized quotes. Contact us here for more information!