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Is Jewelry Insurance Worth It?

Even if you already have homeowners or renter’s insurance, that coverage has limitations that may not extend to your jewelry, even if you happen to have a home insurance riders for jewelry. If you own cherished valuables that can’t easily or affordably be replicated, that’s a great reason to invest in jewelry insurance for engagement rings and all other types of jewelry. 

From an engagement ring to a treasured family heirloom, jewelry can be deeply personal. It reminds us of the most important moments and emotions of our lives—which is why it can be devastating if that jewelry is stolen, lost, or damaged.

Stick with us as we cover everything you need to know, from how jewelry insurance works to what it covers and how much it costs. 

What Is Jewelry Insurance? 

A jewelry insurance policy is much more comprehensive than the protection you get from your traditional homeowners policy. Typically, those offer coverage up to a much smaller amount, and only for stolen jewelry. However, a jewelry policy will kick in whether your valuables are stolen, lost, or damaged. So even if you lose your ring while swimming in the ocean or accidentally damage an antique bracelet, you could be out of luck with a traditional homeowners policy, but jewelry insurance would likely pay to replace it.

Many major insurance companies don’t offer jewelry insurance as a stand-alone product. Instead, you simply purchase jewelry protection as an add-on to your existing homeowners or renter’s insurance policy. However, adding your jewelry to an existing policy usually requires that you list every item individually—so if you forget a piece, it won’t be protected. 

If you’d feel better about having a separate policy, traditional jewelry insurance will give you more flexibility to list individual values for each item and to provide proof of purchase or worth based on appraisals. This is especially beneficial for anyone with an extensive or antique collection of fine jewelry.

Do I Need Jewelry Insurance?

Unlike insurance for your home, health, and your car, jewelry coverage isn’t necessary for everyone. Here are some helpful questions to help you decide if purchasing jewelry insurance is necessary for you:

  • Certain types of jewelry have value that can’t be calculated. Would you be devastated by the sentimental loss of certain pieces, such as your wedding band or an heirloom bracelet?
  • If your jewelry was lost, damaged, or stolen, would you want it repaired or replaced? (If so, how much would you be able or willing to pay out of pocket?)
  • Are you afraid to wear your uninsured jewelry, for fear that something will happen to it?
  • Would you be unable to cover the cost of replacement if your jewelry was lost, stolen, or damaged?

How Much Does Jewelry Insurance Cost?

The price you’ll pay for jewelry insurance is similar to other types of insurance policies, how much jewelry insurance costs will depend on a couple of factors:

  1. The value of your jewelry you are looking to insure
  2. The extent of protection you need for your jewelry.
  3. For most people, jewelry insurance will cost between 1-3% of the item’s overall value.

For example: A $3,000 engagement ring could cost as little as $30 per year to insure. If you need to insure a considerable amount of jewelry and want to decrease your monthly premium, you can increase your deductible—the amount you pay before insurance kicks in. It’s also important to know that each state has its own laws and regulations, which means your rate will depend on where you live. For a quick look at what you should expect to pay, you can get a free quote here from a home insurance provider who also has jewelry insurance. You may also be interested in finding out how to get the best price on engagement rings here to keep your jewelry insurance policy rates affordable.

How to Find the Best Jewelry Insurance Policy?

If you’ve decided to purchase jewelry protection through insurance, there are a few things you’ll want to keep in mind as you shop for the best insurance policy for jewelry. Here are the questions you should ask first when searching for a new jewelry insurance provider:

  • How does your potential insurer handle claims? Will you need to purchase a replacement and then request reimbursement, or will your provider pay upfront? If you’re required to purchase the replacement, will that be something you can afford?
  • Which exclusions does the policy have? What types of loss and damage are not covered?
  • What proof of damage, loss, or theft will be required?
  • Will the insurer cover the full replacement cost? How will they determine that amount for new jewelry, as well as antique or custom-made pieces?
  • How often will you be required to submit updated appraisals?
  • Do coverage limits fluctuate with the price of precious metals or gems?

What Does Jewelry Insurance Cover? 

Despite the small amount of coverage you may get from your homeowners or renter’s insurance, it’s still important to note that your policy doesn’t cover everything. Here is what is covered by a jewelry insurance policy usually:

What is Covered?

  • Loss: We all know the horrible feeling of losing something we cherish. If you forgot your high school ring in the airport or public bathroom, you can rest assured that it’ll be covered with jewelry insurance. 
  • Damage: Accidents happen. If you accidentally broke a treasured valuable, you don’t have to panic.
  • Disappearance: If you can’t seem to find your favorite luxury earrings anywhere, jewelry protection will help replace them.
  • Theft: Lost your diamond necklace to a home break-in? Don’t worry, that’s covered.

What is Not covered:

  • Wear and tear: No matter how well you take care of your jewelry, slight damage happens naturally over the years. Tarnishes and scratches are expected and won’t be covered.
  •  Intentional actions: This one may seem obvious, but if you purposely lose or damage your jewelry, insurance won’t foot the bill.
  • Pests: They’re already a nuisance, but even if insects or rodents damage your best antique jewelry pieces, insurance won’t cover it. 
  • War and authority: Loss or damage due to war, military action, nuclear hazard, or confiscation by civil authority isn’t covered.

How to Get the Best Rates on Jewelry Insurance?

If you want to protect your valuables and save money, you need to find a low-cost coverage plan—and we’ve got plenty for you to choose from. Thanks to our fast and affordable best online home insurance quotes, you can choose a plan and get your coverage—all in a matter of minutes. Get your free quote today and enjoy the peace of mind that your assets are financially protected. 

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