Engagement rings, heirloom jewelry, and wedding rings are all items that we hold incredibly dear. While we often store these in a safe in our house, we might lose them in the event of a theft or house fire. Hence, taking the right precautions to protect them from harm is essential. This can include taking out jewelry insurance that ensures all-around protection of these valuable items.
How jewelry insurance works
Most homeowners in the country opt for a home insurance policy. While this policy can be used to pay for jewelry repair or replacement after a house fire, it provides limited coverage of up to $1500. In addition to jewelry, this amount can be used for watches, furs, and semiprecious stones.
On the other hand, jewelry insurance provided by specialized companies can provide more comprehensive coverage compared to a home insurance policy. For instance, they can help cover preventive maintenance measures such as clasp replacement or stone tightening. Further, they also pay for any jewelry pieces lost in floods, earthquakes, and other scenarios listed in the policy.
What it covers
In most cases, separate jewelry insurance can cover loss, theft, and damage. So, for better clarity, here is a list of kinds of jewelry that are covered by separate jewelry insurance:
While specialized companies cover the items mentioned above on an “all-risk” basis, they may not pay for the damage caused by scenarios not mentioned in the policy. This comprises wear and tear, intentional loss or damage, manufacturer defects, and damage caused by rodents and vermin.
Need for jewelry insurance
There can be various reasons why one may need jewelry insurance. A few reasons are listed below:
Jewelry insurance companies to check out
Here are a few top jewelry insurances companies that one can check out:
Generally, stand-alone jewelry insurance costs 1% to 2% of the value of each item. But the policy’s price can differ depending on factors such as location, number of pieces, and the deductible amount.
Home appliance insurance covers the cost of repairs in case the appliances in your home malfunction or break down. It covers practically all the appliances at home, including ovens, refrigerators, dryers, dishwashers, washing machines, and more. However, the precise coverage amount differs based on your chosen plan and provider. Here are the benefits of home appliance insurance, the overall cost of purchasing a plan, and the right time to buy one.
Benefits of home appliance insurance
Getting this type of insurance has many advantages, some of which are discussed below:
Fills the gap between your home insurance and appliance warranty
While your home insurance may cover your appliances, it has many terms and conditions. For instance, it will cover the cost only when your appliances are stolen or damaged due to incidents like fire. Home insurance does not cover the expenses for repairing appliances that have stopped working.
On the other hand, your manufacturer’s warranty will cover your appliances if they stop working. However, it will be valid for only a limited period. And in most cases, appliances like refrigerators and dishwashers start developing problems a little later, once the warranty has expired.
This is where appliance insurance steps in to help. It lets you save a lot of money on repairing mechanical or electrical issues in appliances and rectifying accidental damages even after the warranty period.
Reduces downtime
Your appliances are vital for you to go about your day smoothly. Any breakdown or damage can disrupt your schedule. Moreover, it becomes very inconvenient when you must wait for someone to fix it or save extra every month to replace the appliance. When you have home appliance insurance, you do not have to worry about these things. Your insurance provider will immediately connect you with someone who will repair your damaged appliance or help you replace it quickly. It ensures you can go about your routine without inconvenience.
Prevents unexpected costs
An appliance breaking down out of the blue means you must prepare to pay out a significant amount for repairs. The price increases when you need to replace parts or completely overhaul the entire system. Moreover, there may be unexpected and hidden costs involved. However, if you purchase home appliance insurance, you only have to pay a small premium every month. With this, your appliances can be replaced or repaired anytime, and the provider will cover the expenses. You do not have to shell out a lot if your system suddenly stops functioning, and you can continue saving for other purposes.
Covers more than one appliance
Most providers let you cover multiple appliances in your home. You can add as many of them to the policy as you want, depending on its maximum limit. This way, you are assured that the essential appliances in your home are protected. You may also save extra money since some insurers offer a discount for insuring more than one unit.
Offers additional perks
Several home appliance insurance providers offer extra perks with their coverage plans. These usually include free maintenance checks and discounted replacements. When you consider it for the long term, these extra benefits can help you save a considerable sum.
How much does home appliance insurance cost?
When you apply for home appliance insurance, you must pay a monthly fee for the service. In addition, you will have to pay a fee to the person who visits your house to handle the repair and maintenance work. The average cost of home appliance coverage across several popular insurance providers is approximately $50 monthly or $600 annually. Service call fees for the technician usually range between $75 to $125 for each claim. All these estimated costs are for the basic plans that offer coverage for kitchen and laundry appliances. The rate will change depending on the provider, plan, number of appliances insured, and the city you reside in. Also, a majority of home appliance insurance plans have annual contracts. If you decide to cancel your plan earlier, you may incur additional fees.
What is the best time to get home appliance insurance?
The best time to enroll is when you have older appliances. Aging machines have higher chances of breaking down and requiring urgent repairs and frequent maintenance than newer models. Also, most of your older appliances will likely have an expired warranty, another critical reason to get insurance. Many people purchase appliance insurance as soon as they move into a new home. However, the premiums turn out to be an unnecessary expense as new appliances rarely break down.
Remember, you may have to wait at least 30 days after enrolling before forwarding service or repair requests to the provider. The exact period can differ depending on your chosen insurance company and plan, so inquire about the same before signing up. Also, read the documentation carefully to check which machines are covered and up to what limit. Not checking the limit can lead to higher out-of-pocket expenses at the time of repairs. Consult the provider’s customer service team if you have any queries about the features of the plan you are considering.
For many reasons, lab-grown diamonds can be considered better than naturally occurring ones. For one, artificial diamonds are more reasonably-priced than their natural counterparts. Additionally, lab-grown diamonds have the same physical and chemical properties as conventional diamonds. Moreover, buyers can customize their engineered diamonds in any shape, form, or color, which is not always possible with natural diamonds. Here are some of the most sought-after and best-priced lab-grown diamonds one can buy today:
Noémie 18 Karat Gold Halo Pavé Diamond Engagement Ring
Noemie’s incredible lab-grown diamond forms the crux of this gorgeous engagement ring. This ring, which contains one of the best-priced lab-grown diamonds, has a focal stone containing half a carat of pavé accent diamonds around its central design. Additionally, this product is manufactured and designed ethically (from a human rights perspective) and is environmentally sustainable.
Additionally, the ring is handset in exquisite 18-karat gold and comes with an IGI certificate for 100% authenticity. Buyers can customize this engagement ring according to their requirements.
Clean Origin Emerald Lab Created Diamond
Clean Origin is known for creating high-quality, sought-after, and some of the best-priced lab-grown diamonds available online. This stunning diamond is priced online at a super-reasonable price of $486, making it the most affordable piece on this list. This diamond features a clean, reflective polish and excellent symmetry. Its shape is classified as emerald and, like the first item on this list, comes with an authenticity-verifying IGI certification. According to Clean Origin’s official site, buyers can purchase this engineered diamond in multiple color choices, including faint yellow, light yellow, very light yellow, and two tones of varying colorlessness, among others.
Clean Origin also offers an incredible 100-day returnable policy on this diamond, meaning that customers can live with the shiny stone for more than three months and still return it if it is not up to their taste or requirements or if they spot any defect in the piece.
All prices listed in this article are dynamic.
Lyanna Engagement Ring
Miadonna’s beautiful lab-produced diamond adorns yet another scintillating engagement ring. This ring has a pear-cut stone embedded centrally on a smooth and regal metal band. Its smooth metallic surfaces make it extremely comfortable to wear and, therefore, an ideal piece of jewelry for people with more active daily lifestyles.
This ring comes with multiple stone options. Buyers can purchase it with specially-engineered, lab-made gemstones. These precious stones are identical to naturally occurring gemstones in terms of optical, physical, and chemical attributes.
Apart from that, consumers can also get this ring with lab-grown diamonds. These diamonds are natural, pure carbon diamonds. Despite being identical to earth-mined diamonds in terms of chemical composition, physical features, and optically, they cost up to 40 percent less than natural diamonds. The third kind of stone this engagement ring can be bought with is a hybrid of carbon-infused diamond and a crystal-based core. This stone looks like a diamond but rates slightly lower (9.1) on the Mohs scale and may feel slightly different from wearing.
Clean Origin Round Lab Created Diamond
Clean Origin’s products are usually reasonably priced, and the $521-priced Round Lab Created Diamond is no different. This incredible piece has a depth of 62 percent and a table percentage of 57. Additionally, it is a 0.43-carat diamond with a round shape, as its name implies. As expected with Clean Origin’s products, the symmetry and polish on this diamond are exquisite.
It is an aesthetically-pleasing piece that, like the Origin Emerald Lab Created Diamond, comes with a 100-day returnable policy.
LIGHTBOX Lab-Grown Diamond Round Stackable Ring
The LIGHTBOX lab-grown diamond ring is one of the most beautiful and among the best-priced lab-grown diamond products out there. One can purchase this exquisite piece in white, pink, and blue. As stated earlier, getting such a diverse variety of colors in a diamond is difficult when buying naturally occurring diamonds. Additionally, this ring’s $700 price and endless options for customization make it one of the most desirable items in the lab-grown diamonds market.
The metal in this ring is made of premium 14k yellow gold, while the diamonds are cut, designed, and polished to build them into a brilliant circular shape. This ring contains 3 or 4 centrally-embedded, round, lab-grown diamonds. It has an average clarity rating of VS2, and buyers can purchase it with beautiful bezel settings.
This ring is arguably the pick of the bunch when buying one of the best-priced lab-grown diamond items on the market. Its appearance, sense of occasion, incredible value and depth, and craftsmanship are on par with the best naturally occurring diamonds one can buy.
14K White Gold Oval Side Stone Diamond Engagement Ring
A large percentage of diamond jewelry tends to be engagement or wedding rings. So, to round off this list comes the 14K White Gold Oval Side Stone Diamond Ring, priced at about $2,310 and can be purchased in six cool colors-14K white, yellow, and rose, and 18K white, yellow, and platinum.
Besides its attractive colors, buyers can also customize it and purchase this product in six gorgeous oval-shaped diamonds set in a shared prong arrangement. This ring’s center stone is embedded in a four-pronged basket that contains claw tips.