So many of us tend to ignore life’s ugly little situations and complexities because they are not nice to think about. We think we can outsmart fate by avoiding all of the dark alleys, and keeping our vintage antique jewellery in a safe place when we wash dishes or do yard work.
But the truth is, you know you’re lying to yourself. Buying insurance is a pain in the butt, and “that sort of stuff only happens to other people” –these are the thoughts floating around in our brains as we try to avoid what is good for us. It’s so redonkulous to believe it, but we do.
image by: Cheryl VanStane [flickr]
And every year millions of irreplaceable jewellery pieces go missing, and every year a million former antique jewellery owners feel stupid and victimized without having insured them.
It’s one thing to go through the trauma of a robbery, or the superstitious drama of dropping an engagement down a sewer drain –it is entirely another to lose the investment that went down the drain along with your antique jewellery piece.
Why do that to yourself? You are not going to know what happens, when, where, how, or who –don’t fool yourself. Because of this we compiled a jewellery insurance cheat-sheet. All the obstacles you need to know to stop putting yourself at risk of losing an investment. Read on!
image by: viviannedraper [flickr]
What does jewellery insurance cost?
Peanuts. According to kalmarantiques.com.au, the typical cost of an insurance policy on jewellery is somewhere in the neighbourhood of a buck or two for every $100 which add up to the value of your piece. For those a little slower with a calculator, that’s $100 per year on a $10,000 ring. Seriously. What are you waiting for?
It’s probably a complicated process full of legalese: Yawn.
Sure, it might have a handful of 5 cent words, but for the most part, it’s pretty straight forward. There are a few ways you can proceed with picking up a jewellery insurance policy;
Extension of existing insurance
An extension of your existing home or renter’s insurance policy is called a “rider”. The special little add-on is required because currently your insurance policy covers items in your home, and the deductible and insurable allowance for these items isn’t high enough to suit the needs of a jewellery owner. A rider will carefully detail the items it covers, unlike other items. No one cares if your television is brand new plasma or an older LCD –there’s a set range of what you’d be compensated for, take it or leave it. Riders on existing insurance policies compensate losses in a much more gratifying way.
Specialized Insurance Company
Your other option is to insure your jewellery with a specialized insurance company that only insures jewellery. The offer far more coverage than other options like home owner’s insurance or renter’s insurance and are worth looking into for big ticket items like diamonds and rare gem stones.
image by: epSos .de [flickr]
So about that legalese; what should I watch out for when insuring jewellery?
In order to cover all of your bases, these are the key factors to look out for when you insure your jewellery. Read carefully! You never know how the smallest detail can derail a policy.
- Make sure your home address is accurate: Wrong address? No coverage. Period. So this is a big deal for newlyweds working through legal name changes, and all that other good stuff. Do not forget about your insurance policies, right across the board. Keep contact information up to date.
- What threats does your policy cover? Remember Fight Club? Ed Norton’s character was a risk assessment guy. These insurance companies are in it for the money, so be sure to make sure it works for you –think of every common threat you may face and make sure they’re in the policy.
- You can get a cheaper premium on your insurance if you store your jewellery in a safe, lock box, post office box, etc. Provide specs and details when you pick up your policy. However –that isn’t living! Why own something so dear only to never look at it?
Has reading this article piqued your interest in picking up some classic antique jewellery? You can find just what you’re looking for –an elegant and bespoke jewellery retailer who is well equipped to help you insure your piece.
Do you have any additional thoughts or comments? Let us know below!