6 Common Jewelry Insurance Myths

Jewelry insurance is an important consideration for anyone who owns valuable pieces of jewelry. It can provide peace of mind and financial protection in the event that something happens to your jewelry, such as theft, loss, or damage. However, there are a number of myths and misconceptions about jewelry insurance that can lead people to make incorrect assumptions about what it covers and how it works.

In this blog post, we'll dispel six common jewelry insurance myths and provide accurate information about this important protection.

Myth #1: Jewelry insurance is too expensive

Many people assume that jewelry insurance is too expensive to justify the cost, but this is often not the case. The cost of jewelry insurance can vary greatly depending on the value and type of your jewelry, as well as the coverage you choose. Policies with Oyster typically cost 1-2% of the value of the jewelry per year. This means that a $5,000 ring could cost only $50 per year to insure, or only $4 per month. Protecting your valuable jewelry could be cheaper than one coffee a month.

Myth #2: My homeowners insurance covers my jewelry

While it's true that some homeowners insurance policies include coverage for personal property, including jewelry, it's important to note that this coverage is often limited. Many homeowners insurance policies have relatively low limits for jewelry coverage, and may not cover certain types of losses or damage. For example, some policies may exclude coverage for loss or damage due to mysterious disappearance or wear and tear. If you have valuable jewelry, it's a good idea to check the limits and exclusions of your homeowners insurance policy and consider purchasing a separate jewelry insurance policy to ensure that you have adequate coverage.

Myth #3: Jewelry insurance only covers theft

While theft is certainly a risk that jewelry insurance can protect against, it's not the only type of loss or damage that can be covered. Jewelry insurance policies also cover loss due to accidental disappearance, such as leaving your ring at a restaurant or on a beach. In addition, many policies include coverage for damage to your jewelry, such as chipped diamonds or broken prongs. It's important to carefully review the coverage included in your jewelry insurance policy to understand what types of losses and damage are covered.

Myth #4: All jewelry insurance policies are the same

This is simply not true. Like any other type of insurance, jewelry insurance policies can vary significantly in terms of coverage, exclusions, and limits. It is important to carefully compare different policies and understand exactly what is covered before making a decision. Oyster provides broad coverage, including protection against theft, loss, mysterious disappearance, and accidental damage. 

Myth #5: I can only insure new jewelry

Many people assume that jewelry insurance is only available for newly purchased pieces, but this is not the case. In fact, jewelry insurance policies allow you to insure older pieces of jewelry as well. However, it's important to note that you will need to provide a current appraisal or valuation of the jewelry in order to obtain coverage. An appraisal will help the insurer determine the value of your jewelry and the appropriate level of coverage to offer. It's a good idea to have your jewelry appraised regularly, especially if you have acquired new pieces or if the value of your jewelry has changed significantly.

Myth #6: I don't need jewelry insurance if I don't wear my jewelry often

Some people may think that they don't need jewelry insurance if they only wear their jewelry on special occasions or keep it locked away in a safe. However, there are still risks that can lead to loss or damage to your jewelry, even if you don't wear it often. For example, natural disasters, such as floods or earthquakes, can damage or destroy jewelry regardless of how frequently it is worn. It's a good idea to consider jewelry insurance even if you don't wear your jewelry frequently.

There are many myths and misconceptions about jewelry insurance that can lead people to make incorrect assumptions about what is covered and what is not. By understanding the realities of jewelry insurance you can protect your valuable and sentimental pieces of jewelry and have peace of mind knowing that they are fully protected. To learn more about how Oyster can help you stay protected, check out our jewelry insurance for details.

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