Valentine’s Day is right around the corner, so naturally many people are looking for that special something to give to their significant other. While marking the occasion by a gift of jewelry is a romantic gesture, many jewelry buyers don’t think about the value of their investment, and certainly don’t think about insuring their gift. However, it’s not only a good idea to have a professional appraiser evaluate the worth of the piece of jewelry; you should also make sure you are financially protected from damage or theft with a New Jersey Jewelry Insurance Policy.
Why should you purchase jewelry insurance? Your jewelry purchase was likely an expensive investment; with high value items such as engagement rings costing anywhere from $500 to $50,000. With such an investment, theft or damage would be devastating. Many individuals think when they lose their jewelry, there is nothing that can be done, and the piece is gone forever. However the appropriate insurance policy will allow them to get the piece replaced, not only reimbursing them for the monetary value of the jewelry, but also softening the sentimental loss behind the jewelry as well.
Before you buy a New Jersey jewelry insurance policy, you should ask your insurer a few questions, such as:
- Will the piece be covered if you lose it accidentally, or only if it’s stolen?
- How will the piece be replaced; with a check or will the insurer require you to purchase a replacement through a specified jeweler?
- If the piece is vintage or otherwise unique, how will the quality of any gemstones be documented?
- Will the full cost of your jewelry be covered, or just a fraction of the cost?
- How will you need to prove the jewelry vanished if you make a claim?
- What factors will determine the jewelry uninsurable?
Jewelry is a treasured possession, and should be treated as such. When you make such a big investment, how could you afford not to protect it? At Tri-State Insurance Agency, we understand the risks that are involved with this huge purchase. Please contact us today at (888) 990-0526 to speak to an insurer about your options for coverage and for greater details about the cost of jewelry insurance, as well as our other NJ personal insurance policies.