The Importance of Insuring Your Fine Jewelry

February 03, 2016

The Importance of Insuring Your Fine Jewelry

The unthinkable happens; your jewelry can be lost or stolen. How are you going to replace it? Like your house or car, you can also insure your jewelry.

Insuring Your Jewelry is a Personal Choice 

Insurance is there to provide support for life's "just in case" scenarios. Insuring your jewelry is a personal choice of balancing the risk that one day you may not have it anymore, versus keeping it forever. In some policies, your personal jewelry is covered by your homeowner's or renter's insurance; but your jewelry and the other items that could be taken during a theft, may be valued more than than the cap on the amount that your jewelry is covered.

So what are the best things to have in order to insure your jewelry?

  • If you're incredibly organized when it comes to your expensive purchases and still have the original receipt, kudos to you. If you couldn't produce a receipt to save your life, a good insurance appraisal can be worth more anyways.

  • Any certificate is also a very good thing to have handy. Diamonds are often graded by industry organizations and can help aid in replacement.

  • As I said earlier an appraisal is a good thing to have when you can't find a receipt, but more so when your insurance company is requiring that you have one anyways. Most jewelry stores have access to or have an on-site certified appraiser.

  • A picture is worth a thousand words. Most appraisals provide photos of the piece, but it doesn't hurt to take your own shots. The more detail the better.

When you decide to insure your jewelry it is important to find out exactly what is covered.

Should you insure items individually or as a group and then highlight the significant items?

  • What kind of loss is actually covered? Loss and theft? Or just theft?

  • How are you going to be compensated? The value at the time of purchase? Or today's value? The fluctuation of the gold market can be a heavy influence and make the difference of hundreds, maybe thousands, of dollars.

  • Will they pay to have your jeweler replace a custom ring or will you have to go to someone they prefer for a similar ring?

  • What if you just lost a stone, is partial loss covered?

  • What do you need to make a claim? A picture? Police report? Better have those ducks in a row.

  • Are there things that can affect your premium? Living in a high crime neighborhood? Putting your jewelry in a jewelry box vs. a safe?


Get Your Jewelry Insurance Policy Spelled Out In Writing

Get everything concerning your policy spelled out in writing. Make sure that you leave your jewelry in safe keeping when traveling across country or engaging in activities that do not require your jewelry.  If you are unsure about insuring your jewelry with your other policies, there are specialized jewelry insurance companies that we recommend, including Jewelers Mutual.

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