Saturday, November 11

Features of Jewellery Insurance Debunked

Jewellery Insurance

Jewels are precious and must be protected at all costs, after all, it takes hard work and a lot of money to earn them. Nowadays jewellery insurance is not an uncommon thing to see. Everybody likes to keep their valuables safe and that is the reason we see more and more people opting for jewellery insurance. Usually, valuables are covered under homeowners and renter’s insurance policy but the same is to a limited extent.

Some of the insurances which are particularly destined for jewellery and cover the most events like theft, loss or damage by any means.

Factors and some inside stories regarding Jewellery Insurance.

Insurance cost

Like every other insurance, jewellery insurance also comes in the form of a premium service where the insurer pays a premium to the insurance agent or authority. It is often noted that the cost of insuring your valuables are much more than your normal car, home or life insurance.

This sometimes plays a crucial factor in why people do not opt for jewellery insurance. Other hidden charges, premium, and fees of the insuring party add up to the cost making it more expensive than the usual insurance policies.

Loss of valuable

This has been witnessed many time that the insurer is not liable for the loss of the valuables if the same happens during transportation. There are many known cases where insured gold valued up to more than $30 million is stolen during transportation to the customer and the sellers or the transporting company has denied the claim saying that loss by vehicle in case of vehicle theft is not included in the insurance policy clause and the seller nor the transporting company hold and liability for the same. In the same way loss by natural ways are also previously said to be excluded from the insurance policies.


Damages are unpopular in the case of jewellery insurance because it is difficult to measure the wear and tear of the product. Jewellery like an engagement ring is a daily worn item and it is difficult to count the exact amount of wear and tear on such daily use items. Also, the policies do not include any specific parameters to measure the damages hence sometimes the insurer rejects the claim and the owners are disappointed with a feeling of scam.

Documents and reports

Most people don’t know that jewellery comes with test reports and product certification. These are more common for valuable jewels like a diamond. Diamonds come with grade reports and certificate which proves the originality of the product by the manufacturer. Generally, insurance policies have these clause in that in case of theft or loss original documentations for proof of ownership must be submitted by the part. Most people do not claim these documents during the time of their purchase and thus the insurance companies reject the claims. The reason this happens is that the policy languages are very industry-based and sometimes a common man cannot understand. The same later results in conflicts between both parties.

Also Read about: Why Do You Need Whole Life Insurance?

There are many other factors where the insurance providers do not agree on claims made by the customers which are why always opt for a genuine Jewellery insurance provider.

However, some of the jewellery insurance services are also a part of insurance fraud. Therefore, you must choose your jewellery insurance carefully.  Also, jewellery insurance is expensive and thus people don’t opt for it during their regular jewellery purchase.

For best offers on jewellery insurance try adding floater insurance on homeowner’s insurance rather than taking stand-alone insurance.

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