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If a person cannot be covered by a house insurance policy or would just prefer a specialised stand-alone coverage, a jewellery and collectibles insurance policy will cover collections of jewellery.
Sometimes it is not possible to insure your jewellery collection with the rest of your goods due to policy constraints, especially when dealing with high value sums covered, and an alternate solution must be sought.
We will provide a schedule of insurance with full details of your jewellery insured, and you can add and delete items on a pro-rata basis throughout the policy term. Once a policy has been set up, there are no administration fees, and changes can be made quickly. Almost any piece of jewellery, including watches, is covered.
Check your coverage carefully as some home contents insurance policies do not cover jewellery that is taken from the house or is stolen or destroyed while there.
The term “all-risks” or “personal goods” cover refers to additional protection for your items while they are outside the home and may be provided as an add-on to your current policy.
Jewelry insurance often covers rings, including wedding and engagement rings, watches, bracelets, necklaces, and earrings. The specific objects insured will vary between policies.
The Global Jewelry Collector Insurance Market accounted for $XX Billion in 2022 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2023 to 2030.
The second-largest vehicle insurer, Jewelers Mutual Insurance Group, has launched a stand-alone jewellery Collector insurance programme for consumers. In the event of loss, damage, or theft, the plan provides coverage for the total value of a piece of jewellery or an entire collection.
The annual cost of the coverage is probably between 1% and 2% of the item’s total worth. Although standard homeowners or renters insurance only provide coverage for jewellery damage or loss up to a particular amount, GEICO aims to satisfy the more specialised coverage needs of jewellery owners.
Customers will also have the opportunity to hire their own reliable jeweller for repairs and submit quick and simple insurance claims should something go wrong.
