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People also tend to forget about inflation when they take into account the value of their Jewelry and Diamonds. People tend to think that the price they paid for an item is the price the item is worth. But over the last decade the price of jewelry, gold, and precious stones has steadily risen. The rise in price of gold, silver, and stones has increased the likelihood that replacing your jewelry will cost more than expected.
The truth about jewelry and diamond insurance is that most people think that they will never need it. People also believe that the threshold for purchasing extra insurance for their personal property is too expensive. The fact of the matter is that in pure dollar terms, the special coverage is not expensive. Jewelry insurance can cost between $25-$100 per $1,000, and various considerations are taken into account.
At the end of the day, one must consider their options. Would they rather pay the total cost for replacing their jewelry, or have a safety net for a small premium per year that will replace their jewelry if lost, stolen, or destroyed. For myself I like having the safety net for my personal collection. But as the old saying goes too each their own.
If you ask anyone about their insurance coverage, most people would say that they are fully covered by their homeowners policy. The truth is that may not be very accurate. True nearly every homeowners insurance policy may come with a provision paying for stolen jewelry or other personal property. But those provisions are usually very small. In fact many policies may only pay a few thousand dollars for stolen Jewelry and Precious Stones.