As more and more people invest in jewelry, it’s crucial to reinforce the importance of adopting a personal jewelry insurance policy as part of the initial purchase to avoid the need to reinvest to replace it.
Neenah, WI (PRWEB) March 24, 2014
National Financial Literacy Month is recognized in the United States in April in an effort to highlight the importance of financial literacy and teach Americans how to establish and maintain healthy financial habits. As part of that effort, Jewelers Mutual—the nation’s leading jewelry insurance specialists and provider of Perfect Circle® Jewelry Insurance— is sharing tips to help empower consumers of all ages improve their financial health.
“Our goal is to help make financial literacy more accessible by educating people on the variety of options available to protect their personal possessions,” said Kelley Green, director of personal lines at Jewelers Mutual. “At Jewelers Mutual we understand that a key component of a sound financial plan involves a personal jewelry insurance policy for valued and cherished assets.”
However, many consumers are still not aware of the importance of a personal jewelry insurance policy. A recent survey from Jewelers Mutual Insurance Company found that approximately 40 percent of U.S. households that own an engagement ring do not have insurance to protect it. Of those, one-third of the households – largely younger – consider their engagement ring one of the most expensive items they own among other investments such as their home or vehicle. What’s more, according to the 2014 Wealth Report, jewelry is among the most widely collected luxury items in North America, ranking third only behind art and watches.
"When looking at finances, couples often underestimate how important the right insurance is for their valuable jewelry, until they need to replace it," said Green. "As more and more people invest in jewelry, it’s crucial to reinforce the importance of adopting the policy as part of the initial purchase to avoid the need to reinvest to replace it.”
The Five Principles of Money Management
Protecting jewelry and luxury possessions is in fact among the five principles of smart money management, according to the federal Financial Literacy and Education Commission’s website, MyMoney.gov. There are five important building blocks to master financial wellness. The Five Principles are:
- EARN – in order to make the most of what you earn, you need to develop a thorough understanding of your income. Take time to review items such taxes, deductions and understand the benefits you are given.
- SAVE & INVEST – Saving is a very important component of financial literacy, and it’s never too early to start saving for future goals. If you don’t already, the first step is to open a bank account. From there, begin to use your savings plan for life events (i.e. retirement, buying a house, etc.) or any unplanned emergencies.
- PROTECT – It’s essential to take the right precautions to protect your finances. Here, it’s important to remember insurance for your valuable possessions (i.e. home, jewelry, etc.). Also, be on the alert for identity theft, or other external threats to your financial wellbeing.
- SPEND – This may sound like an odd tip, but the point here is to be sure you are spending wisely. Make a budget and stick to it. Be a savvy shopper, compare prices so you can make informed decisions. Track your spending and adapt your budget accordingly.
- BORROW – Certain life events require borrowing money and your ability to borrow money relies on your past credit. Make sure your credit history is strong: pay bills on time and track all borrowing habits.
The Advantage of the Right Jewelry Insurance Policy
Improve your financial wellbeing by investing in the right personal jewelry insurance policy. Unlike many standard homeowners or renters insurance jewelry riders, Jewelers Mutual’s Perfect Circle® Jewelry Insurance provides worldwide, comprehensive coverage and same “kind and quality” replacement, in addition to covering theft, loss, damage, and even mysterious disappearance.* People can live worry free knowing that their valued possessions are protected by the established leader in jewelry insurance for more than 100 years.
For more information visit http://www.ProtectYourJewelry.com.
*Underwritten by Jewelers Mutual Insurance Company, Neenah, Wisconsin. Coverage is subject to underwriting review and approval, and to policy terms and conditions.
ABOUT JEWELERS MUTUAL INSURANCE COMPANY
Jewelers Mutual Insurance Company is the only insurer dedicated solely to serving the jewelry industry in the United States and Canada. Jewelers Mutual was founded in 1913 by a group of Wisconsin jewelers to meet their unique insurance needs. Today, Jewelers Mutual remains the trusted insurance advisor and loss prevention expert for nearly 10,000 jewelry businesses including retailer’s large and small, wholesalers, manufacturers, custom designers, appraisers and many other segments of the jewelry industry. Additionally, more than 300,000 consumers trust Jewelers Mutual and its Perfect Circle® Jewelry Insurance to protect their personal jewelry. The company's strong financial position is reflected in its 27 consecutive ratings of "A+ Superior" from A.M. Best Company and more than $17 billion in bound jewelry coverage. To learn more, visit JewelersMutual.com