So. You’ve gone out and bought your significant other a gorgeous piece of jewelry for Valentine’s Day (or any other occasion, really).  That piece of jewelry is now a part of your life story and will be a special memory for you both.  Now picture that jewelry disappearing.  Heart broken? Devastated?  That’s why you need to purchase jewelry insurance.

A specialized jewelry insurance policy provides comprehensive coverage including damage, loss, and theft. The policy may even cover scenarios that are NOT covered by homeowners insurance or warranties like unexplained loss. Rates vary depending on your location, but the average cost is only 1-2% of the value.  For example, a $10,000 engagement ring may cost as little as $100 a year.  Pretty cheap for peace of mind.

A few tips for making your insurance purchase and future claims as expedient as possible: Have the piece appraised so you insure it for the right amount, keep a copy of your purchase receipt, and take photographs from multiple angles.  The weakest link to your jewelry is literally a link and/or clasp, so be sure to have your jewelry cleaned and inspected regularly.  It also goes without saying that your jewelry should be kept in a secure location such as a safe or safe-deposit box when not being worn.

Jewelry insurance is usually available from your current homeowner or renter insurance policy holder. Contact ALLCHOICE Insurance to find out if jewelry insurance is right for you.

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