You’ve almost certainly heard of insurance. You have to have your car insured. You aim to have home or renters’ insurance. But you may not know much about the process of insuring jewellery and timepieces.
Many shoppers assume that they can rely on homeowners’ insurance to cover their new wedding band, but while your typical homeowners’ insurance plan will cover theft and worldwide travel, it won’t cover loss or disappearance. It’s also up in the air whether or not a homeowners’ plan will cover damage and natural disasters affecting jewellery and timepieces.
Here at Golden Tree Jewellers, we always encourage our customers to sign up with an insurance plan when they purchase a new piece of jewellery, such as a Tacori engagement ring, or a luxury timepiece, if only for peace of mind.
Why is Jewellery Insurance Important?
Simply, what are you planning on doing if your diamond engagement ring falls down a sewer grate? If you don’t have an answer for that question and others like it, then you have a dilemma whose only resolution is insurance.
However, you don’t need to feel as though every piece of jewellery you own must be insured. Rather, aim for things that have financial or emotional value to you: This would include your bridal jewellery, of course. But if you have a treasured piece of fashion jewellery from a designer like Tacori, that ought to be covered by a company like Jewelers Mutual.
Of course, you should also have an up-to-date appraisal on hand when you’re getting your pieces insured, and regularly every 2-3 years so that you and your insurance company will have a proper understanding of your piece’s quality. Insurance companies won’t accept hearsay when it comes to replacing your jewellery or cutting you a check, and it’s important to have a certified appraiser providing a paper trail for your insurance company to follow.
How to Apply for Jewellery Insurance
The process of jewellery insurance is easier than it’s ever been. When you visit your local jeweller, they’ll be able to assist you in filling out the paperwork to get an insurance policy. Even if you’ve just purchased an engagement ring in-store, they can help you get the ball rolling.
What you can expect to pay for coverage depends significantly on multiple factors. Primarily, the plan will be assessed based on the value of your jewellery. It only stands to reason that your premiums will be proportional to the value of what’s being insured! Additionally, insurers will often take into account the theft rates in area in which you live. If there’s an outbreak of watch thefts in your town, you’re probably going to have to pay more to have your new Rado watch insured. You should also inquire into the types of repairs that will be covered 100 percent by your insurer and which will contribute to your deductible.
Learn More about Jewellery Insurance at Golden Tree Jewellers
If you’re interested in learning more about insurance or you’d like to have a trusted jeweller assist you in getting a policy, get in touch with us at Golden Tree Jewellers at (604) 530-7221 or visit us in Langley, British Columbia today!