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Jewelry Insurance: How (And Why) to Insure Your Precious Pieces

Written by Anna Currell
June 8, 2023

Jewelry is often precious, sentimental, and valuable. Whether it’s an antique that carries memories, an engagement ring that’s a symbol of your commitment and love, or a work of art that you purchased to celebrate an achievement, your jewelry is likely important to you in one way or another. And even if you take excellent care of your pieces, accidents can happen (and so can theft, loss, or damage). That’s where jewelry insurance comes in. In this article, we'll discuss why you should insure your jewelry, how to get started, and what to look for in a policy.

Why Insure Your Jewelry?

There are several reasons to consider jewelry insurance. Firstly, jewelry is easy to lose or misplace; individual pieces are often small, portable, and sometimes worn on a daily basis. If you're traveling, you can lose your jewelry or have it stolen in transit. If you're wearing jewelry while doing everyday activities, you can lose or damage it without even realizing it. 

Jewelry is also often expensive. Even a small piece can cost hundreds or thousands of dollars (or more) depending on the materials, craftsmanship, and designer. If you lose or damage your jewelry, the cost of replacing or repairing it can be overwhelming. 

Finally, jewelry is often sentimental. You may have a family heirloom passed down through generations or a gift from a loved one, and losing it can be heartbreaking. Getting your jewelry insured helps you have peace of mind that your pieces are protected, no matter what happens to them.


How to Get Started with Jewelry Insurance

The first step in insuring your jewelry is to determine its value. You can do this by having it appraised by a professional jeweler or appraiser. An appraisal will give you a clear understanding of the value of your jewelry and will help you determine how much insurance coverage you need. Once you have an appraisal document, you can start shopping for insurance policies.

When shopping for jewelry insurance, be sure to look for a policy that provides comprehensive coverage. This should include protection against loss, damage, theft, and even mysterious disappearance (when the cause of the loss is unknown). Some policies may also cover damage or loss that occurs while traveling. Be sure to read the fine print carefully to understand what is and is not covered. Don’t be afraid to ask questions when researching different policies to make sure you’re getting an accurate idea of what you can expect. 

What to Look for in a Jewelry Insurance Policy

When shopping for a jewelry insurance policy, these are the key factors to consider:

  1. Coverage limit: This is the maximum amount that the insurance company will pay out in the event of a loss. Be sure to choose a policy with a coverage limit that is equal to or greater than the value of your jewelry.
  2. Valuation: Some policies will only pay out the current market value of your jewelry, while others will pay out the full appraised value. You probably want to choose a policy that provides full appraised value coverage.
  3. Deductible: This is the amount you'll need to pay out of pocket before the insurance coverage kicks in. A higher deductible typically means lower monthly premiums, but be sure to choose a deductible that you can afford if necessary.
  4. Replacement: Some policies will require you to replace your jewelry with a similar piece from a specific jeweler or retailer, while others will give you the flexibility to choose your own replacement. 
  5. Premiums: Premiums are the regular payments you make to the insurance company in exchange for coverage. The cost of the insurance policy will depend on the value of your jewelry, the coverage limit, the deductible, and other factors. Be sure to shop around and compare quotes from different insurance companies to find a policy that fits your budget.

In addition to these factors, it's also important to choose an insurance company that has a good reputation and is financially stable. Search for customer reviews online and check the company's financial ratings with organizations like A.M. Best and Standard & Poor's Global Ratings.

Losing or damaging your jewelry can be devastating, both emotionally and financially. That's why it's important to insure your jewelry to protect it against loss, damage, and theft. By getting an appraisal, shopping for a comprehensive policy, and choosing a reputable insurance company, you can have peace of mind knowing that your treasured possessions are protected. 

In addition to insurance, protect your most precious pieces by making sure they fit correctly and all their parts are in good working order; many instances of loss and damage can be prevented by keeping your jewelry from falling off accidentally. Get your clasps replaced or rings resized with Quick Jewelry Repairs to make sure that your jewelry stays as safe as possible.

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