Jewellery is definitely a prized possession and these objects are more valuable to us than their cost in terms of money. Wedding rings, gifts from loved ones are precious to us and we would like to cherish them by keeping them safe and secure. Keeping this fact in mind, Jewellery insurance was structured. Many home insurance policies also include insuring the Jewellery to an extent; however, the claims for such kinds of policies will not be great. If you would like to safeguard your Jewellery in the best way possible, then it will be better to go in for Jewellery insurance.
The eligibility for Jewellery insurance is the same as personal or home insurance and to a certain extent; it is covered under home insurances. By paying just an extra amount of fee, the claims and coverage on Jewellery can be stretched to a higher amount.
Before insuring the Jewellery, the insurance company would carefully inspect the ornament and would try to attach an appropriate value to it. Some Jewellery have great emotional value attached to them and thus losing the Jewellery seems to cause emotional as well as monetary problem and the insurance company will try to resolve the issue in your best interests.
Under Jewellery insurance, you are covered for damage, loss or theft of the Jewellery which can be either from your home or from your body while you are traveling which can be either for domestic travel or for an international trip. However, in case of theft, the person should certainly report it to the policy as a proof of the crime which he or she can show to the insurance company while claiming for the same. In case, the Jewellery cannot be replaced then the insurance company is bound to pay the insured amount in full and in situations when the Jewellery is just damaged, then the insurance firm has to get in contact with a repairer who will repair the item.
Under certain situations, the loss cannot be recovered such as the loss of very small amount of diamond as it is hard to estimate their correct value. Also, always remember that if the situation could have been avoided, then the company will not honor your request and will not pay for the accident.
The cost to sign up for Jewellery insurance is the same as that of the personal insurance policies and the premium amount also comes up to the same. Based on research, the main companies that may offer jewellery insurance are QBE Insurance and Allianz Insurance.
Note: Views expressed in this review are not the opinion of Insurance Pick. It is a summary of multiple reviews collected from community-review websites posted by consumers. Please read our Disclaimer for more information.