It is a common thing for everyone to insure everything that is valuable to them, such as their homes and cars. Jewelry also comes in the list of the valuable things, which you would ever buy. However, most of the people do not consider insuring it, mostly because it is an unknown concept to them.

There is no arguing that your large loose diamonds or other jewelry items are vulnerable to getting lost or being damaged. Moreover, it is not very safe to keep your jewelry at home, as there are chances for it to get stolen. All these facts make insuring the diamond ring very important. Below are some important things to know about jewelry insurance.

Is Jewelry Insurance Necessary?

If you are keeping a priceless engagement ring or other valuable jewelry items at home, it is very important to insure them. It is relatively easy to get your jewelry lost like you could misplace it somewhere or lose it while swimming. This is one of the nightmares, which most people are afraid of, and hence, they avoid wearing their engagement ring to everyday places.

This should not one of your concerns if you have your jewelry insured. With your jewelry insured, you would be easily able to file a claim if anything happens to your sentimental piece of precious metal and stone at all.

What is Covered in your Jewelry Insurance?

When it comes to insuring your jewelry, there are a number of ways to insure it. Most of the jewelry insurances cover theft, damage, mysterious disappearance, and accidental loss of your piece of jewelry. Almost all the insurance policies that offer on covering the entire cost of precious metal would often have sale taxes as a part of their coverage.

• Mysterious Disappearance: If your jewelry suddenly disappears and you are unable to determine whether it was stolen or accidentally misplaced, it would be known as mysterious disappearance. At times, it would even take months before you notice that your jewelry has been stolen. For example, consider that you have a beautiful diamond necklace, which you would only wear during special occasions and keep it safe inside your locker after use. It is possible that one day you think about wearing it to a party and later find out that it had actually disappeared. It is probable that your necklace could have been stolen during one of the days you did not wear it. This case of missing of your jewelry would be regarded as a mysterious disappearance.
• Accidental Loss: Most of the people actually do not know about the distinction between mysterious loss and accidental loss. If you have lost your precious ornament by mistake or it got damaged during an accident, your jewelry has been lost by accident. For example, consider that you have a magnificent diamond pearl necklace. Assume that you kept it in your car, and as you were going home, you met with an accident. It is possible for your necklace to be shattered dispersing the precious stones and pearls all over the place. In this case, your jewelry could not be repaired and you would be much relieved if you had your necklace insured.
• Area of insurance Coverage: It is always best to have worldwide insurance coverage. In this situation, you would get insurance for your valuable jewelry even if you lost it outside your country. You are most likely to lose things while you are traveling. Moreover, if you are not much aware of the area you are touring to the chances of you being the victim of a theft is more.

What is the Cost of Jewelry Insurance?

Just as it is when you get your car insured, the expenses involved in getting your valuable piece of jewelry insured is also susceptible to changes. It could change based on how frequently you wear your precious metal. The total expense involved in getting your jewelry insured typically comes in between 1% to 2% of the actual value of your ornament.

Do Home Insurance Cover Jewelry?

This is one of the common doubts, which occur in minds of people when they think of insuring their diamond jewelry. Even though a number of home insurances cover jewelry most of the time, it is regarded as an unnecessary domestic item.

Furthermore, the unnecessary domestic items are always placed at the end of the list in a home insurance policy. That is, it may cover about $1,000 to $2,000 on your stolen diamond ring. Therefore, in case the actual value of your ring was $7,000 you would not be getting the entire value of the ring.

Another thing is that it may not include the jewelry that get lost. If the theft had happened outdoors, like in a shopping mall, it would not come within the range of your home insurance. So the best thing to do is to have a careful understanding of the policies of your home insurance before you insure your precious jewelry.