1. Can I Lower My Premium by Increasing My Deductible?
This is a very common way to reduce insurance costs for many policies with deductibles.
2. Are There Special Precautions I Can Take That Will Also Lower My Premium?
If your coverage doesn’t require you to take security measures for your collection, you might be able to get a discount for storing your items in a home safe or safe deposit box.
If certain pieces in your collection never leave your house, ask if that can factor into a lower cost for coverage.
All gems should be cared for properly, not simply stashed away. However, some gems, like pearls and opals, have special storage and care needs. Ask if an investment in a sound maintenance routine can lower your jewelry insurance quotes.
3. Is Blanket Coverage a Better Option for Me?
If your gem and jewelry collection consists of many low-value pieces, ask about blanket coverage. You can insure the entire collection for its total value. In the event of loss or damage to one item, you may receive either a percentage of the covered total or an amount up to a per-item limit based on the policy.
4. Can I Accept Partial Insurance Coverage?
Carefully consider all the risks that your quoted policy will cover. If you’re comfortable with removing some coverage and assuming more risk, your premiums will be lower.