What are the common exclusions in a jewelry insurance policy

When you invest in a piece of jewelry, it's essential to protect it properly. One way to do this is by purchasing a jewelry insurance policy. However, like any insurance policy, there are exclusions to be aware of. In this post, we'll go over some of the common exclusions you may find in a jewelry insurance policy.

Exclusions to Watch Out For

Wear and Tear

Most jewelry insurance policies will not cover damage that occurs due to wear and tear. This means that if your ring gets scratched or your necklace chain breaks due to everyday use, you may not be able to make a claim. It's important to read your policy carefully to understand what types of damage are covered.

Maintenance and Repairs

Insurance policies typically do not cover routine maintenance or repairs. This means that if you need to get your jewelry cleaned or have a stone replaced, you'll need to pay for it out of pocket. However, some policies may cover repairs that are necessary due to accidental damage or theft.

Losses Outside of the Home

Some policies may only cover losses that occur within your home. If your jewelry is lost or stolen while you're out and about, you may not be covered. However, some policies may offer coverage for losses that occur outside of the home, so it's important to check your policy.

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Unexplained Losses

Insurance companies typically require proof of loss before they will pay out a claim. If you lose your jewelry but cannot provide an explanation for how it happened, you may not be able to make a claim. This is why it's important to keep your jewelry in a safe place and to report any losses to the police.

Excessive Valuation

If you overvalue your jewelry when purchasing a policy, you may end up paying more in premiums than you need to. Additionally, if you make a claim for more than the actual value of your jewelry, you may not receive the full amount you're expecting. It's important to have your jewelry appraised before purchasing a policy to ensure that you're getting the right amount of coverage.

Conclusion

When purchasing a jewelry insurance policy, it's important to read the fine print and understand what is and isn't covered. By knowing the common exclusions, you can make an informed decision about which policy is right for you. Remember to keep your jewelry in a safe place and to report any losses to the police to increase your chances of making a successful claim. 

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