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Jewelry insurance: The coverage you didn’t know you needed



Whether you’re sporting a new engagement ring, donning a luxury watch, or recently inherited an heirloom ruby bracelet, there’s one important thing to know: Your homeowners or renters insurance probably won’t adequately cover your new jewelry. 

Home and renters insurance policies may provide some coverage, but it’s generally a fairly small amount. Per-item and per-collection caps often apply on standard property policies, and you may still need to pay a hefty deductible if you haven’t gotten your jewelry covered. 

Fortunately, you can purchase additional coverage to help with repairing or replacing your valuables if something unexpected happens. Here’s what to know about jewelry insurance, how it works, what it costs, and whether it’s worth it for you and your precious items. 

What is jewelry insurance? 

Jewelry insurance can compensate you for the cost of repairing or replacing covered pieces if they’re lost, damaged, or stolen. It comes in two forms: as an endorsement to your existing property insurance or as a standalone policy. 

Adding an endorsement to your property insurance typically involves contacting your insurance company, getting your jewelry appraised, and increasing your coverage accordingly. The one drawback of going this route is that if your covered jewelry goes missing and you submit a claim against your homeowners or renters policy, your premiums could increase.

You can also purchase specialized jewelry insurance coverage through an insurer like BriteCo or Lavalier. Different jewelry insurers have slightly different rates and exclusions, so comparing options is essential if you’re considering a standalone policy. 

How does jewelry insurance work? 

You’ll typically need your jewelry appraised before you can get coverage, whether you opt to add a rider to your property insurance or purchase specialized insurance. Some insurers offer in-house appraisal services, but you might need to find an appraiser independently using a resource like the American Gem Society or the National Association of Jewelry Appraisers

Getting an appraisal will ensure you understand the value of your jewelry so you can obtain adequate coverage. Once you’ve obtained coverage, you may need to get re-appraisals every few years, as the value of your jewelry can fluctuate over time. That said, some specialized insurers offer automatic valuation as an alternative to re-appraisals. With automatic valuation, the insurance company will automatically update your piece’s appraised value over time.

If your covered piece is lost, stolen, or damaged for a reason that’s not excluded under your policy, you can file a claim with your insurer for reimbursement. The claims process may vary by insurer, but you can often file claims online or over the phone. Your insurer will then assess your claim to determine its validity, and if approved, they’ll reimburse you for the cost of repairs or replacement.  

What does jewelry insurance cover?

Jewelry insurance typically covers damage or losses, and it will typically cover you no matter where you are in the world, even if you opt for an endorsement to your homeowners insurance.  So if your engagement ring is stolen or lost during an international honeymoon, your insurance will likely cover that loss. The same is likely true if it’s damaged in some way. 

Your insurance may also cover lost gems, but verifying that before choosing an endorsement or standalone policy is essential. Ask your agent or research potential exclusions. 

Joe McAlpine, an agent at American Family Insurance shares, “Let’s say you’re snorkeling in Cancun and your diamond falls out of your engagement ring but you don’t lose the actual ring, Your insurance will still likely cover the lost stone, even if you still have the ring itself.”

How much does jewelry insurance cost? 

The cost of jewelry insurance also varies by insurer. But as a general rule of thumb, it amounts to around 1%-2% of an insured piece’s appraised value. Here’s a quick look at the potential cost to insure a $7,500 women’s engagement ring with specialized coverage in Boston, Massachusetts:

Insurer Annual Cost
BriteCo $114
GemShield $78-$94, depending on deductible amount
Jeweler’s Mutual $84-$114, depending on deductible amount
Lavalier $88-$113, depending on deductible amount
Note that costs will vary by location and jewelry value. 

Adding an endorsement to an existing property insurance policy to cover your jewelry will likely increase your premiums slightly, though it’s difficult to provide accurate cost data because property insurance costs vary widely depending on your home’s location and other factors. 

Is jewelry insurance worth it? 

If you own a valuable piece or collection of jewelry, getting adequate coverage could be worth it. Your standard homeowners or renters policy is likely insufficient. Standalone jewelry insurance typically comes with a nominal cost relative to the value of the insured items. The protection it provides can help ensure you’re financially able to repair or replace your jewelry if it’s damaged for a covered reason, stolen, or lost. 

Frequently asked questions about jewelry insurance

Where can you get your jewelry appraised for insurance?

Some specialized jewelry insurers offer in-house appraisal services, so you may be able to get your jewelry appraised through your insurance company. But this isn’t always an option. If you need to get your pieces appraised on your own, you can find a nearby appraiser by searching on a reputable site like the American Gem Society or the National Association of Jewelry Appraisers.

Should I insure my engagement ring?

“Jewelry insurance likely makes sense if your engagement ring is appraised at over $1,000,” says McAlpline. “A simple gold ring may be worth more than standard property insurance will cover, so it’s important to ensure you’re financially protected if you lose or damage your ring.” The bottom line is that insuring your engagement ring or wedding set is generally a wise move. 

How much are deductibles for jewelry insurance?

Your deductible will vary by insurer. Some jewelry insurers, such as Jeweler’s Mutual, offer flexible deductibles ranging from $0 to $5,000 for an engagement ring with an appraised value of $7,500; others, like BriteCo, don’t require a deductible at all. Comparing options can help you find the deductible that makes the most sense for your situation. 

The takeaway 

Jewelry insurance provides valuable coverage, whether you have a new engagement ring or recently inherited a high-value necklace or bracelet. You can opt for a rider to your existing property insurance or a standalone policy to get covered. While this insurance costs money, it’s typically not expensive. For this reason, it’s often worth purchasing. Comparing coverage and getting quotes from different insurers can help you find the best policy for your needs. 

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