All You Need To Know About Jewelry Insurance

All You Need To Know About Jewelry Insurance

If you’re thinking about getting your jewelry insured then you probably have lots of questions. 

Just because you insure jewelry doesn’t mean nothing will happen to your jewelry but it will give you peace of mind knowing that if anything does happen, your jewelry can be replaced or repaired. If you have an expensive piece of jewelry or one with sentimental value, it’s important to insure it against theft, loss, or damage.

What’s The Best Way to Protect Your Jewelry?

Get your jewelry insured by a company that specializes in jewelry insurance. In the event that your jewelry is stolen, lost, or damaged you can get a settlement to cover the replacement or repair of your jewelry. The best way to protect your jewelry is to get stand-alone insurance specifically for your jewelry, and not rely on your homeowner’s insurance.

What is Covered in Jewelry Insurance?

With a leading jewelry insurance company, your jewelry will be covered for damage, loss, theft, and mysterious disappearance, and may include preventive maintenance. This coverage will ensure that you are able to replace or repair the jewelry once you have made a claim. Make sure your jewelry insurance covers “replacement cost” which means your jewelry will be replaced or repaired with a piece of similar quality.  Avoid policies that replace the jewelry with “actual cash value” coverage which pays for the repair or replacement, minus depreciation.

What Type of Jewelry Can I Insure?

It all depends on the policy. A standard jewelry insurance policy should cover engagement rings, wedding rings, watches, bracelets, necklaces, earrings, and any other jewelry that has monetary or sentimental value. It is usually recommended to insure items of jewelry valued at $500 or more. Any jewelry you would want to replace in the event of a loss should be insured.

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Is My Jewelry Covered Wherever I Go?

You need to check that your jewelry insurance policy includes coverage outside your home country. Not all policies include worldwide coverage, and some policies, like homeowners insurance, only cover jewelry loss or theft in the home. 

How Much Will Jewelry Insurance Cost?

You’d be surprised to hear that jewelry insurance is not that expensive. You will pay an annual amount of approximately 0.5%-2% of the appraised value of the jewelry. Some companies provide for monthly payments. When comparing the cost of different jewelry insurance policies, take into account whether the policy requires you to pay a deductible. A deductible is an out-of-pocket amount paid before your insurance covers the cost of the loss. 

How Do I Get a Jewelry Appraisal?

An insurance company will need to know how valuable a piece of jewelry is before they can insure it. You need to keep all purchase receipts, valuation certificates, and appraisals. You can ask your jeweler to appraise your jewelry or ask your jewelry insurance company for recommendations. In the event of a claim, you want the compensation you receive to reflect the true value of your jewelry’s current worth. So it is important to get it reappraised every few years. Some companies automatically adjust the replacement value of your policy each year to reflect any change in its value.

How Do I Make a Claim on My Jewelry Insurance?

You can submit your claim online, and a claims representative will follow up to get more details. You’ll need to give as many details as possible about when, where, and how the theft, loss, or damage took place. You will also have to provide any relevant documents such as purchase receipts, police reports, or photos. If your jewelry has been stolen make sure you report the theft to the police. You will need to submit the police report with your claim. If there is damage to your jewelry, before and after photos can be useful. 

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Does Jewelry Insurance Cover Everything That Could Happen To My Jewelry?

No, with most jewelry insurance there are certain things that are not covered. Check your policy to see if it covers theft, loss, damage, mysterious disappearance, loss or theft worldwide, wear and tear, preventative maintenance, repair, replacement cost, and accidental damage. 

Anything Else I Should Know?

  • Homeowner’s insurance does not cover the total cost of most jewelry, and some homeowner’s insurance does not cover jewelry lost or stolen outside the home. Always opt for a company that deals exclusively with jewelry insurance.
  • You can get a discount on your insurance premium if you keep your jewelry in a safe, or if there is a home burglar system
  • You can get a discount on your insurance premium if you pay annually. 


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