You may be thinking that your homeowners insurance or renters insurance covers your engagement ring and the other jewelries that you posses. But you may be taken by surprise when you learn that your jewelry may not be fully covered. You need additional coverage to protect your jewelry. Having jewelry insurance in such a situation will help.

Your homeowners insurance or renters insurance may protect you from a loss if your jewelry gets stolen but not for any other reason. In addition, these policies also typically set a limit for certain categories including jewelry. Again renters insurance may have a lower limit for jewelry compared to home owners insurance.

Consult your insurance agent to get a good understanding of the coverage that you want to purchase for your jewelry. Ask him questions to satisfy your doubts. You may ask few of the following questions:

• If there is a deductible, how much is it?
• How does opting for a higher or lower deductible affect your policy?
• Do you have to get your jewelry appraised before you purchase insurance?
• Will all appraisers qualify?
• Is there a limit on location or will your jewelry be covered no matter where the loss takes place?
• If you happen to travel and during that lose your jewelry, would your policy cover?
• Will you receive full replacement costs? In that case do have to replace the item or can you settle for cash?
• Will your policy cover for repairing damaged jewelry?

Jewelry insurance will cover your jewelry for loss due to theft or any damage to your jewelry inside your home and sometimes also while you are traveling. Travel here should also include international travel. However, you should still file a police complaint in case of any loss. If your jewelry gets damaged you can either opt to get it repaired or in a worse case scenario replaced. Your standard homeowners insurance may not have covered this.

However, you must know that jewelry insurance will not cover any new or old jewelry if you have not got it listed in the policy. As soon as you get a new piece of jewelry make sure you add it to your list to insure it.

Top 5 things to remember when buying jewelry insurance:

1. To be able to insure your jewelry fully you need to get a full description of the jewelry and maybe photographs of your jewelry would help a great deal.


2. Get your jewelry appraised by an independent appraiser and list each item that you have.


3. Go through your homeowners or renters insurance and see how much your jewelry is covered for.


4. The rates for insuring your jewelry would differ not just from one insurance company to the other but also from one state to another.


5. Compare all insurance plans before you settle for one. Check the reputation of the company you settle for and opt for the one that offers the maximum coverage at the price that you think is the best for you. Also look for flexibility.

Jewelries are precious and valuable. Any damage or loss may be heart breaking. But accidents do happen and hence getting your jewelry insured is the best option. Since jewelry in quite some investment, getting a mediocre insurance won't do much. You need to get your jewelry properly insured to get the proper compensation in case of any damage or loss.