Jewelers Mutual® Unpacks New Insights from Travel Study

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Mar 07, 2024, 09:01 ET

Jewelry insurer shares latest findings to help consumers travel confidently with jewelry in tow

NEENAH, Wis., March 7, 2024 /PRNewswire/ -- Jewelers Mutual® Group, the insurer dedicated to protecting jewelry and jewelry businesses for over a century, announced the results of its latest study, shedding light on the habits and challenges of travelers when it comes to safeguarding their jewelry while traveling.

The connection between consumers and their jewelry remains strong, as nearly all survey respondents admitted to bringing their treasured pieces with them while traveling. This highlights the importance of implementing effective safety measures to protect these valuables. The takeaways from the study highlight key insights about consumers' understanding of the role jewelry insurance plays during their travels:

Travel Planning Calls for Jewelry Insurance: Approximately 40% of surveyed travelers opt to insure the jewelry they wear while traveling. Surprisingly, almost half of these individuals rely on their homeowners' policies for coverage, which typically have lower coverage limits for jewelry.
Safety Priorities: Insured travelers shared a preference for secure options such as hotel safes and dedicated travel cases. Conversely, those without insurance tend to keep their jewelry close by during their travels.
Generational Trends: Younger adults are opting for specialized jewelry insurance, recognizing the unique advantages it offers in safeguarding their precious possessions beyond traditional homeowners or renters policies.
The Sting of Loss: The study found that 35% of consumers have experienced the heartbreak of losing jewelry while traveling, with hotel rooms emerging as the most common location for such misfortunes. A staggering 87% of respondents admitted to traveling with their engagement rings, emphasizing the need for heightened loss prevention awareness and protective safety measures.
Insurance Coverage Uncertainty: In perhaps the most startling revelation, nearly half of travelers attested they were uncertain whether their insurance policies provide adequate coverage while traveling abroad. Jewelers Mutual emphasizes the importance of securing specialized jewelry insurance that offers comprehensive worldwide coverage while traveling.

"Our goal is to educate and empower consumers to safeguard their jewelry so they can wear it without worry," said Howard Stone, Vice President of Global Risk Services and Analytics at Jewelers Mutual. "The insights gained from our latest study underscore the need for more informed decision-making when it comes to traveling with jewelry, and we are committed to being a trusted advisor for loss prevention education and helping consumers keep themselves and their jewelry safe."

For more information about jewelry protection and valuable jewelry safety tips, visit JewelersMutual.com/the-jewelry-box/how-to-travel-jewelry-safely.

ABOUT JEWELERS MUTUAL GROUP
Jewelers Mutual was founded in 1913 by a group of Wisconsin jewelers to meet their unique insurance needs. Later, consumers began putting their trust in Jewelers Mutual to protect their jewelry and the special memories each piece holds. Today, Jewelers Mutual continues to support and move the industry forward by listening to jewelers and consumers and offering products and services to meet their evolving needs. Beyond insurance, Jewelers Mutual's powerful suite of innovative solutions and digital technology offerings help jewelers strengthen and grow their businesses, mitigate risk, and bring them closer to their customers. The Group insurers' strong financial position is reflected in their 37 consecutive "A+ Superior" ratings from AM Best Company, as of November 2023. Policyholders of the Group insurers are members of Jewelers Mutual Holding Company. Jewelers Mutual is headquartered in Neenah, Wisconsin, with other Group offices in Dallas, Texas and Miami, Florida. To learn more, visit JewelersMutual.com.

SOURCE Jewelers Mutual Group