Insure your jewelry, or not? A personal choice, but one that I think requires careful consideration. Most people live in homes that are insured, with the décor and furnishings being insured – so why not your jewelry. Often times gold and diamonds are irreplaceable, if for no other reason than they’re one of pieces, or possess sentimental value.
Then again a diamond in itself is a one off, and when you add the two together, such as you’ll find in the average wedding sets or inherited diamond bracelet or similar, what is the true cost of replacement? Probably incalculable. Still, as I said it’s a very individual choice and down to the owner of the jewelry, rather than anyone else.
If you’re currently sat wondering about whether or not you need to insure yours, let’s set out a few facts that may help you decide one way or the other:
- despite the size and weight of the average ring or necklace, there’s often far more value per ounce in weight than anything else that you will own. Imagine if your car was valued in the same way, with the same starting value?
- How much of an intangible value do you place on your jewelry? Would you be really all that bothered if you lost a piece, or it was stolen?
- Do you have a safe place to keep your valuables, or are they just left (for want of a better description) lying around?
- Have you ever lost anything before, and if so, how did it make you feel once you realized that the loss was irretrievable?
Again, insuring your jewelry goes back to it being your choice but it is comforting to know that you’re covered for all eventualities. Same with your SUV, or whatever you drive – you just get in and head out, right? You don’t worry about the cost of a repair in the event you have a crash, or the replacement vehicle costs, because you’re insured.
The same with your home, and all its contents. Jewelry is precious – how precious is it to you?