The jewelry you wear says something about who you are as a person. Are you flashy, or elegant? Are you glamorous or understated? Do you prefer diamonds or pearls? Everything you choose to accessorize yourself tells the world a little bit about you. Every piece of jewelry you own helps to tell the unique story of you. That’s why insurance for jewelry is so important, and something you probably don’t already have.
What Insurance for Jewelry Does
Jewelry is a big business around the world. Everyone likes jewelry, and everyone owns at least one special piece that matters to them. Custom jewelry and handcrafted jewelry are especially valuable because these pieces are one of a kind. That makes them truly irreplaceable. Some pieces cannot be repaired or replaced when they get lost or stolen, but you can be compensated for your loss if you have insurance for the jewelry you own. Don’t rely on your homeowner’s insurance to cover your jewelry. Many policies actually don’t cover the cost of custom engagement rings and other high-value pieces. That’s why separate jewelry insurance is absolutely essential.
Custom Jewelry and Why It Matters
The average price for an engagement ring is approximately $5,598. Custom jewelry tends to cost more than off-the-shelf pieces, and handcrafted pieces are more valuable still. In the U.S. in 2012 alone, diamond engagement rings made up $5 billion of jewelry sales in the country. In February 2016, U.S. jewelry stores sold about $2.6 billion in goods, according to the U.S. Department of Commerce.
Custom jewelry and fine pieces are for everyone to enjoy, not just for the very rich. In fact, as of spring 2017, an estimated 30 million people had already invested in fine jewelry fo the ear. This includes custom-made pieces and custom designed jewelry of all types. China, Europe, and the U.S. are the top three markets for luxury jewelry around the world. Specialty jewelers generate more than 43 percent of the jewelry industry’s total sales in the U.S., which proves that custom wedding bands and other pieces are extremely popular and highly sought-after.
Insurance for jewelry covers the cost of your valuable pieces. This way, you can be compensated monetarily if your jewelry is damaged, lost, or stolen. Rings, earrings, and other pieces of jewelry actually get lost or stolen often. Clever thieves find ways to slip jewelry right off of people, and they know how to find common jewelry hiding places. Thieves work quickly and disappear right away. Good jewelry insurance will help you recover from your losses so you can replace expensive diamond jewelry and other pieces that matter to you.
You already made an investment in jewelry. Now, make the investment in insurance for jewelry that will protect your pieces and help you recover your losses in the event of a jewelry tragedy. Make sure you include every piece of jewelry you own and an approximate or exact value for each. Document your jewelry and its value very well so that you can ensure you will receive compensation when something goes wrong. After all, you know the rule — if something can go wrong, it will! Don’t let it make you lose out on your jewelry investment. Get insurance, and protect yourself from tragedy.