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Do I Need to Insure My Jewelry?

Your friend recently lost her diamond ring and spent a lot of money to buy a new one because her old one wasn’t insured. Her misfortune has you wondering, “Do I need to insure my jewelry?” If you have expensive jewelry, like an engagement ring or heirloom jewelry, the answer is “yes.”

Insurance Policies That Cover Jewelry

The first thing you need to know about jewelry insurance is that all policies are not created equal. Some jewelry insurance policies are quite comprehensive, while others only cover the basics, like theft. Here are a few of the most common jewelry insurance options.

Home Insurance

Your home insurance policy may cover the theft of your jewelry, but only up to a certain dollar amount. Typically, the amount a home insurance policy will cover is $2,000, but that’s not enough if you have a diamond ring and a few other expensive pieces. Usually, a home insurance policy won’t cover damaged or lost jewelry at all.

The good news is, many home insurance companies offer the option of purchasing a “rider” (also called an extension) to insure your jewelry. You can expect to pay anywhere from $1 or $2 for every $100 worth of jewelry you have. For example, to insure $10,000 worth of jewelry you’d pay about $100 to $200 annually.

Umbrella Insurance

Home insurance policies come with liability protection, but it’s usually capped at about $100,000 or $300,000. Umbrella insurance is intended to take over after your home insurance reaches its liability limits, which can help protect your jewelry and other possessions should you be hit with a major lawsuit.

Umbrella insurance is typically affordable, costing about $300 per year for $1 million worth of coverage.

Stand-alone Insurance

Rather than purchase coverage through your home insurance company, you can have your jewelry insured through a stand-alone policy offered by a company that specializes in jewelry insurance.

Insurance Through a Jeweler

Another way to get jewelry insurance is through your jeweler. Some jewelers work hand-in-hand with insurance companies so they can offer their clients insurance.

Documentation You’ll Need To Insure Your Jewelry

Insurance providers usually ask for receipts, pictures and current appraisals of the jewelry you want to insure. Of course you probably don’t have receipts for jewelry that’s been handed down through generations, and in that case, pictures and current appraisals are usually sufficient.

It’s important to know that most insurance companies will not accept an appraisal from the jeweler you bought the jewelry from.

Understanding Your Jewelry Insurance Policy

When shopping for jewelry insurance, it’s important to thoroughly understand the policies you’re considering so you can compare them accurately and get the most value for your dollar.

Questions you’ll want to ask the insurance company include:

  • What documentation is required for me to get jewelry insurance?
  • How much is my deductible?
  • Are there any policy exclusions?
  • Is there anything I can do to lower my premium, such as get a home security system?
  • Does the insurance cover lost, stolen and damaged jewelry?
  • How is replacement value determined?
  • What’s the process for filing a claim?

Jewelry insurance isn’t just for the rich and famous. Give an agent a call today so they can help you find an insurance policy that will adequately protect all of your jewelry at a price you can afford.

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