Expensive and exquisitely beautiful jewelry materials such as diamond and gold rings, watches, certain antique jewelry and precious stones are always subject to theft and other risks that would result in the loss of the item or decrease the value of the same.
Another risk could be the accidental damage and loss in fire or theft of these sentimental and expensive items. This can certainly result in unwanted and extreme psychological and physical torture. The multi-dollar question that you should consider is: How much and why is it very important to have jewelry insurance in the first place?
Firstly, it may helpful to know that comprehensive jewelry cover is primarily provided by the insurance firms at somewhat low premiums with even some providing full accidental compensation for damage and loss depending on the cover chosen. These insurance policies target all forms of jewelry cover groups ranging from low-value to high-value products. Generally, most insurance firms would target large or quantitative assets such as houses and automobiles coupled to life assurance, thereby lacking in expert high-value jewelry insurance systems.
Secondly, do note that deciding on the right insurance firm to handle your protection needs is mostly pegged on policy flexibility coupled to the current rates on offer. Most jewelry insurance firms cover the basic repair expenses on damaged products right up to competitive repayments on placing claims. However, the important criteria protocols attributed to the coverage details, time for claim and the claim process should not be left out too and should be considered carefully with a fine tooth comb.
Consult at least two expert jewelry insurers before insuring your jewelry based on the two main coverage policy types. These would include Blanket coverage as well as scheduled property policy type. The blanket policy does not necessarily require an appraisal of insured pieces under the renter's policies unlike the scheduled property that requires constant appraisal to ensure that it is still in accordance with the basic requirements. Based on all the above fundamental information, an individual will be in a better position to address the question why it is important to have jewelry insurance.
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