Do I Need Jewelry Insurance?
Whether or not to take out a jewelry insurance policy is ultimately a personal choice. While some lending institutions might require it as a term in the loan, jewelry that is owned outright is not required by law to be insured. Though it is a good idea to take out jewelry insurance for high-value items.
Jewelry often has an intrinsic value that doesn’t come with a clear price tag. Especially with vintage items and family heirlooms. At Healy Brokerage, we can help you assess the need for and coverage options for your most cherished items.
Does Jewelry Insurance Require An Appraisal?
Most of the time, you don’t need a formal appraisal or appraisal documentation to purchase a jewelry insurance policy. Though you likely will need an appraisal or other documentation to file a jewelry insurance claim. This makes an appraisal a very good idea. Having an appraisal performed by a licensed professional before taking out a jewelry insurance policy also helps determine the level of coverage you need to protect your most cherished pieces.
What Does A Jewelry Insurance Policy Cover?
Jewelry insurance can be customized to the piece, its value, and your needs. This includes the following things:
- Accidental loss
What Isn’t Covered By A Jewelry Insurance Policy?
Some things are not specifically covered in a typical jewelry insurance policy. This includes things like:
- Wear and tear
- War and authority
- Intentional damage
- Damage or loss caused by pets & pests