The Benefits of Jewelry Insurance and How to Get It

Your jewelry is precious — not only does it hold monetary value, but most likely, it also holds a lot of sentimental value. While damaging or losing jewelry can be devastating, it doesn’t have to cost you an arm and a leg to repair it or replace it. Protecting your valuable pieces with jewelry insurance can help you a lot in the long run, and give you peace of mind in the present. In this article, we’ll go over the benefits of jewelry insurance, what most jewelry insurance covers, and how to find the right jewelry coverage for you. 

An engagement ring and ring jacket.

Benefits of Jewelry Insurance

Why should you invest in jewelry insurance? There are a lot of reasons why jewelry insurance is a good idea. First, and most popularly, jewelry insurance can give you financial protection against jewelry loss, theft, or damage. If something happens to your jewelry, you can rest assured that your coverage will take care of repair or replacement for your favorite jewelry pieces. While homeowners or renters insurance may cover the most valuable items in your home, it may not cover your jewelry pieces, especially if you lose your items while traveling or damage them outside your home — this is why jewelry insurance is important beyond the insurance you already have. 

And of course, another benefit of jewelry insurance is your own peace of mind knowing that your jewelry will be covered. You might be terrified to wear your new engagement ring out and about for example — but knowing that your ring is covered by insurance can help you to wear and enjoy your ring without the worry that something beyond repair could happen. 

What Jewelry Insurance Typically Covers

So what does jewelry insurance actually cover? Jewelry insurance policies can vary, but most comprehensive plans typically cover a range of scenarios:

1. Theft: This includes burglary from your home, robbery while you're wearing the item, or theft from a secure location like a hotel safe.
2. Accidental loss: If you accidentally drop your ring down the drain or leave your necklace behind at a restaurant, your policy should cover it.
3. Damage: This can include various types of accidental damage such as:

• Prong breakage that causes a stone to fall out
• Scratches or dents from everyday wear
• Damage from accidents like dropping the item on a hard surface
• Chemical damage from exposure to harsh substances

1. Mysterious disappearance: This covers situations where you can't explain exactly how or where the item was lost.
2. Natural disasters: Many policies cover damage or loss due to events like floods, earthquakes, or hurricanes.
3. Worldwide coverage: Most jewelry insurance extends protection beyond your home, covering your items while you travel domestically or internationally.

A ring with missing and worn-down prongs before and after repair

It's important to note that jewelry insurance typically doesn't cover:

• Normal wear and tear
• Intentional damage 
• Pest damage (like moths eating pearl strings)

How to Get Jewelry Insurance

When looking for insurance, it’s helpful to have some items prepared to help you with the process. First, you’ll want to know just how much your jewelry is worth. If you don’t have a jewelry appraisal document yet, it’s time to get one! An appraisal is a service that professional jewelers provide that informs you how much your jewelry is worth. They inspect your jewelry for things like materials, age, and the grade of your gemstones. After an appraisal, the jeweler will give you an official document noting these details, so you have a record of the exact value of your jewelry.

In addition to your appraisal, you’ll also want to document as much as you can about your jewelry. Keep your receipt, for example, or any records you have from inherited pieces of jewelry. It might also help to have photos of your jewelry — while you wear it, even! This not only helps to give some visual aid for your jewelry’s details in case your jewelry is lost, but it also verifies proof of ownership. Documentation will streamline any insurance claims processes in the event that something happens. 

Next, you’ll want to research your insurance options. Go online to source different types of jewelry insurance companies and find reviews from customers. It will also help to talk to any friends or family who have opinions about their own coverage. Compare the policies and quotes from different companies to determine what makes the most sense for your jewelry, your budget, and your lifestyle. 

Factors Affecting Jewelry Insurance Costs

Jewelry insurance costs will vary depending on a few different factors. Firstly — and this is why it’s important to get an official appraisal — the value of your jewelry will impact the insurance cost. The higher the value, the higher the insurance cost. The next factor affecting cost is the type of coverage. All-risk coverage, for example, will cost more as it covers any instance of loss or damage, whereas named peril coverage will only cover the types of damage specifically mentioned in the policy (like fires or theft). 

The deductible amount (the amount you agree to take on out of pocket before your insurance kicks in) will also impact your insurance cost. Higher deductibles will result in lower premium cost since you’re taking on risk, whereas lower deductibles will result in higher premiums. 

Lastly, the security measures you take can impact the cost of your insurance. Some providers will offer discounts when you provide proof of certain security measures you’ve taken like investing in a jewelry safe, security cameras for your home, or high-end fire alarms. Since these things reduce the likelihood of theft or damage to your jewelry, your premiums will lower. 

Tips for Choosing the Right Policy

When it comes to choosing the right jewelry insurance policy for you, you’ll want to consider the cost and how it plays into your budget, the coverage each policy provides and if it makes sense for your lifestyle, and any additional benefits of a policy. Insurance providers may differ when it comes to providing replacement costs or actual cash value if a piece of jewelry goes missing, which will make a difference in the outcome of your coverage. 

No matter what you choose, jewelry insurance will help you protect the pieces that are close to your heart. For more jewelry tips, sign up for our newsletter below.