Why insuring your diamonds is essential
3 Reasons why you need to cover your jewels
Wondering if portable possessions insurance is the cover you need for the jewellery you wear on a day-to-day basis? Or maybe you’re just thinking about whether this insurance is even necessary – especially if you already have household insurance.
Generally, household or home contents insurance only applies to your great granny’s heirlooms when it comes to jewellery. And then, only if these items are locked away in a safe at home. As for the jewellery that you wear every day, including custom pieces, engagement rings, anniversary gifts, push presents, and more, you’ll need a more specific insurance policy.
Here’s why portable possessions insurance is essential to protect your jewels.
Why portable possessions insurance is the answer
A few insurance companies talk about ‘jewellery insurance’, but really what they mean is the section of their portable possessions insurance that covers your jewellery and watches (and other precious items that you have on you at any given time).
In a nutshell, this policy protects your sparkly (not to mention expensive) pieces from theft, loss, and damage.
Reason 1: If it moves with you, it needs its own cover
Yes, as we’ve mentioned, you can rely on your household insurance for jewellery that’s kept in a locked safe in your home. Of course, this does depend on your insurer and if they offer this as part of their household cover.
The reality is that if your jewellery regularly leaves the house with you, then it’s at risk of being stolen, lost, or damaged and needs its own insurance policy because it won’t be covered by household insurance.
What it specifically needs, is portable possessions cover.
Reason 2: You can specify each item for accurate cover
Talking about getting specific, let’s explain why portable possessions is precisely the financial protection that you and your jewels need.
This policy is generally made up of 2 types of cover. The first type is ‘unspecified cover’, which basically allows you to insure lots of different items that you wear for an overall limit that you can claim for per item. It’s ideal for costume jewellery, but wouldn’t cover the true value of an engagement ring, a simple yet stunning tennis bracelet, or that exquisite tanzanite necklace.
For these pieces, you want to get detailed and specify each item of jewellery on your policy. This will show up separately on your schedule and will be allocated a separate monthly fee in order to cover the true value of the individual items. It sounds confusing, but really, each cost will be tallied up and presented to you as a single premium that you pay every month. Like regular car insurance.
Reason 3: You’ll save a bundle in case the worst happens
If you’re contemplating the cost of insuring your jewels, then it’s worth considering the worst-case scenario. Because these situations happen more often than not.
Think about your pearls being snatched from your neck by a passing chancer, an engagement stone coming loose in a changing room (or grocery store, you can’t be sure), or a hijacking that relieves you of every item of jewellery that you chose to wear that day.
Each item’s monetary value pales in comparison to what they mean to heart of the wearer. And yet, you would be loathed to go through creation or selection, and most certainly, the paying process all over again. While insurance can’t do anything about the painstaking journey that it takes to acquire the right piece, it can help you avoid the nightmare of paying to replace the item out of your own pocket.
If you’re at a loss as to where to start the hunt for jewellery insurance, or portable possessions insurance (the name you’re more likely to find this cover under), then click here for an obligation-free quote from King Price. The royal insurer prides itself on offering logical insurance that’s fair, premiums that are super affordable, and award-winning service that makes you feel like royalty. Which is kind of what you want, when it comes to dealing with your family jewels.
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