Do I Need Jewelry Insurance?

Brycie Bowser Blog Leave a Comment

A common question we receive at Deland, Gibson Insurance is, “how do I protect and insure jewelry?” Maybe you just inherited a family heirloom, or perhaps you recently got engaged and now find yourself with a new ring on your finger that you want or need to protect. There are many reasons for considering jewelry insurance, but the important piece is that these precious items are correctly protected. Jewelry insurance can be an important component of an insurance portfolio, so let’s break it down and dig into the ins and outs of insuring and protecting jewelry. 

Does Homeowners Insurance Cover Jewelry?

One of the most common questions we receive at Deland, Gibson Insurance is, “does my homeowner’s insurance cover jewelry?” The short answer is, to a degree. Your standard homeowners insurance does cover valuables, like jewelry, under personal property, but it typically falls short of the replacement value of the item and can leave you, the jewelry owner, out of pocket. Typically, homeowners insurance policies have coverage limits that even a modest jewelry collection can quickly exceed. For example, with the average cost of an engagement ring landing around $6,000, one can see how a homeowner’s policy quickly doesn’t stack up. This is where a separate jewelry insurance policy can come into play and provide you with the additional protection you require. 

With the average cost of an engagement ring landing around $6,000, one can see how a homeowner’s policy quickly doesn’t stack up.

What Is Jewelry Insurance?

Jewelry Insurance is a separate policy that can be purchased that is designed specifically to protect your jewelry from damage, theft, or loss. Furthermore, with a policy that is designed specifically to protect your jewelry, you are able to provide an appraised value for the items and therefore make sure you are appropriately covered. Jewelry insurance is often used to protect the following items:

Are There Exclusions With Jewelry Insurance?

While Jewelry Insurance can be a fantastic way to protect your valuables, it is important to understand any and all exclusions that can often be a part of a stand-alone jewelry policy. Typically, Jewelry Insurance will have exclusions for wear and tear, pre existing damage, and any intentional damage. Wear and tear makes sense when you consider items like fine watches with numerous moving parts that require servicing from time to time. Pre-existing damage typically applies to antiques/family heirloom items that may not be in perfect condition from the onset of the policy. Intentional damage speaks for itself, but obviously, jewelry policies would exclude this item. 

How Much Does Jewelry Insurance Cost?

The cost to insure jewelry will normally depend upon the item’s price. Typically, each year it will cost one to two dollars for every one hundred dollars of price. However, where you live can also dictate if you will pay a higher or lower price. For example, if you reside in an area with a high crime rate, then the insurance may be higher.  

As you consider insuring your jewelry, it is important that you have an accurate replacement value for the items in mind. This is where an appraisal can be particularly helpful in the process. 

What Is The Best Jewelry Insurance?

A  frequent question we receive at Deland, Gibson Insurance as people seek to insure their jewelry is: “what is the best jewelry insurance.”  Our response, quite simply, is;  “the best jewelry insurance is the one that meets your needs.” How you decide to insure your jewelry may depend upon what you are looking to insure as well as what you want in the policy. It can also depend on the items themselves along with how much it costs. Deland, Gibson specializes in assessing risk for clients. We can make sure your needs are met, and you are properly covered!

More Information On Insuring Valuables

Providing Peace of Mind Through Proactive Service

Insuring your jewelry is an important consideration. It can provide serious peace of mind that these items with sentimental and monetary value are adequately protected. Deland, Gibson: a Trusted Choice, Five Star Accredited independent insurance agency. Established in Massachusetts in 1900, Deland, Gibson is a 4th generation family-run insurance agency that has thrived working as a trusted advisor for its client base. We work with individuals and businesses to lower their Total Cost of Risk. We analyze a client’s direct and indirect costs and implement risk reduction plans to address areas of business, hazard, or strategic risk.

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