Different Types of Jewelery Insurance
jewellery is the all time favorite in the list of thief's etc… insurance is a must.
There are two basic types of jerwllery insurance available:
• Unscheduled
• Scheduled
Let's discuss Unscheduled insurance first. This type of insurance means that you will not be asked to provide exact details of your jewellery, you won't be asked for the list of jewellery that you want insured. It is more like a basic insurance for your home where everything is covered or comprehensive insurance of your car where almost everything is covered. By using this type of insurance, you won't need to take your jewellery out and get it appraised. Rather you will just provide proofs of the jewellery that own and this can be in the form of ownership receipts or purchase receipts. That is what will get your jewellery insured.
To obtain insurance for jewelry, it is necessary that an appraisal be done by a certified gemologist. Most jewelry stores have a gemologist on staff who can complete the appraisal for a small fee. Do keep in mind that retail values for jewelry trend greatly from year to year. Even though a piece of jewelry might appraise for $10,000 does not necessarily mean that insurance should be purchased in that amount. If a similar item of like kind and quality can be purchased for $8,000, that might be a better deal in the long run. Insurance for jewelry can get expensive. Insuring it for more than is necessary is just a waste of money.
The second type is Scheduled insurance. In this type, you need to get your jewellery insured separately. If you have comprehensive insurance plan for your home, you can still get a scheduled insurance for your expensive jewellery. Of course by using this type of insurance, you will need to get your jewellery appraised. The experts will set a value of your jewellery so if you lose it, the insurance company would be liable to pay you back the sum that the jewellery was appraised for. You of course have to realize that incase of theft or accidental loss of the jewellery, you won't be paid the market value of the jewellery but the amount that it was appraised for.
To know more about the companies dealing with jewellery insurance, you can visit UK Business Directory and can check out the firms listed there. E-Insurance is now also available and you can search for such firms providing e-insurance of jewelry there as well.
There are two basic types of jerwllery insurance available:
• Unscheduled
• Scheduled
Let's discuss Unscheduled insurance first. This type of insurance means that you will not be asked to provide exact details of your jewellery, you won't be asked for the list of jewellery that you want insured. It is more like a basic insurance for your home where everything is covered or comprehensive insurance of your car where almost everything is covered. By using this type of insurance, you won't need to take your jewellery out and get it appraised. Rather you will just provide proofs of the jewellery that own and this can be in the form of ownership receipts or purchase receipts. That is what will get your jewellery insured.
To obtain insurance for jewelry, it is necessary that an appraisal be done by a certified gemologist. Most jewelry stores have a gemologist on staff who can complete the appraisal for a small fee. Do keep in mind that retail values for jewelry trend greatly from year to year. Even though a piece of jewelry might appraise for $10,000 does not necessarily mean that insurance should be purchased in that amount. If a similar item of like kind and quality can be purchased for $8,000, that might be a better deal in the long run. Insurance for jewelry can get expensive. Insuring it for more than is necessary is just a waste of money.
The second type is Scheduled insurance. In this type, you need to get your jewellery insured separately. If you have comprehensive insurance plan for your home, you can still get a scheduled insurance for your expensive jewellery. Of course by using this type of insurance, you will need to get your jewellery appraised. The experts will set a value of your jewellery so if you lose it, the insurance company would be liable to pay you back the sum that the jewellery was appraised for. You of course have to realize that incase of theft or accidental loss of the jewellery, you won't be paid the market value of the jewellery but the amount that it was appraised for.
To know more about the companies dealing with jewellery insurance, you can visit UK Business Directory and can check out the firms listed there. E-Insurance is now also available and you can search for such firms providing e-insurance of jewelry there as well.
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