Jewelry Insurance - To Add or Not to Add to Homeowners Insurance.

July 27, 2016

does homeowners insurance insure jewelry

With health, car, renters and homeowners insurance, is it really necessary to have jewelry insurance?

Well ask yourself a few questions...

  • Would you be devastated about the sentimental loss?
  • Would you be unable to cover the cost to replace it?
  • Are there coverage limits with your current insurance?
  • Would you be happy if you were forced to work with a jewelry replacement company and not your preferred jeweler?
  • Would you be happy if you had to settle for a replacement of lesser quality than your original?

      If you answered "yes" to any of those questions, you should strongly consider having your jewelry insured.

      Does Homeowners Insurance Cover Lost or Damaged Jewelry?

      It is very important to speak with your homeowners insurance to know what is exactly covered when it comes to your jewelry. Some homeowners policies can cover as little as 25% of the value of your jewelry in the event of total loss. So for example, if you purchase a $6,000 ring, you could potentially pay $4500 out of pocket after insurance in the event of the item being lost or stolen.

      What about if you chip your diamond ring? Squish your ring moving furniture? Lose it in the ocean? With the various life scenarios that could damage or cause you to lose your jewelry, will your jewelry be protected?

      Jeweler’s Mutual is a trusted advisor in the jewelry industry. There are other insurance companies such as Geico that offer jewelry insurance with Jewelers Mutual!

      Did you know that a Jewelers Mutual insurance policy can also pay for preventative repairs such as...

      •  Prong retipping
      • Repair of broken, worn or bent prongs
      • Clasp replacement
      • Restringing of broken or stretched pearl strands
      • Stone tightening
      • Repair of broken earring posts

        These are many common repairs that a jewelry owner may have to get numerous times to ensure the longevity of the piece and some of these repairs can run anywhere from $30 to over $250 dollars!

        Read more about their preventive care options at Jeweler Mutual here.

        Could you upgrade lost jewelry with a Jewelers Mutual insurance policy?

        For example, you lose your 3/4 carat diamond and, instead of replacing with the exact kind, you want to upgrade to a 1 carat. No problem. Just pay the difference and yes, we’re serious.

        Find out additional details when filing a claim with Jewelers Mutual here.

        Knowing all these benefits that come with Jewelers Mutual, the cost of insuring your jewelry items can cost on average 1-2% of the item’s value depending on where you live. So the $6000 ring we mentioned earlier...can can cost less than $75 dollars a year! 

        Now back to our earlier question, should you have separate insurance for your jewelry or place it with your homeowners insurance? Again, speak with your homeowners insurance company so you are well informed, but there can be considerable perks for having separate jewelry insurance. In the end, it honestly comes down to how much you're willing to spend out of pocket if the unthinkable happens. 

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