There are a few things to keep in mind when comparing jewelry insurance providers, such as the provider’s reputation, customer feedback, and duration of operation. Moreover, here are another interesting points:
Premium: The amount you pay each month or year to keep your policy in effect is called the premium.
The cost of most jewelry insurance policies ranges from one percent to two percent of the item’s value; however, costs can vary depending on the insurance company and other factors, such as the kind of jewelry and how it is stored. Deductible:
When you file a claim with your insurance, you typically have to pay a deductible on your own. However, some insurance companies provide policies with no or low deductibles.
Limit of coverage:
The coverage limits are different for each insurance company. Choose a business that will fully cover the value of your jewelry. If you own a $250,000 one-of-a-kind watch, you shouldn’t choose a company that only covers $100,000 worth of jewelry.
Appraisals: However, not all insurance companies require appraisals before you can buy coverage. Check to see if the business you’re considering requires one, when it must be submitted, and whether additional photos or receipts are needed. You should be aware of this before you suffer a loss.
Exclusions: It is essential to be aware of the various exclusions that each carrier will have. Look for insurance companies that provide coverage for things like bent ring prongs or loose stones, for instance. If you intend to add additional items to your policy in the future, you will probably want to go with the provider with the fewest exclusions.
