Insuring Your Jewelry

green and diamond necklace

It happens more than you think. You purchase a valuable piece of jewelry and unfortunately, something happens to it. We recently had a customer come into our store who had purchased a 9 carat diamond eternity band for his wife for their 20th anniversary.  His wife had misplaced or lost the ring and he never got around to insuring it.  What a loss!  Not only was it a sentimental loss, but it was also a large monetary loss.  Lesson learned?  Insure your valuable jewelry upon purchase.  It may not sound romantic, but it is worth the peace of mind.

The first step to getting your valuable jewelry insured is getting an appraisal.  The appraisal will have a detailed description and analysis of your jewelry.  Most jewelry stores are qualified to do appraisals.  Make sure the store you go to have GIA certified gemologists.  Once you have the appraisal, call your insurance agency.  Armed with the appraisal, the insurance agent will be able to recommend the right policy to fit your needs. Often watch or jewelry insurance can be purchased as an extension of your homeowner’s policy.  Homeowner policies cover items in your home up to a specified dollar amount.  More expensive items like jewelry are guaranteed through scheduled personal property coverage which is an extension that covers specific items.  The sentimental value of your jewelry is priceless, however, you must protect yourself financially. No matter the cost of your engagement or wedding band, an insurance policy is a way of protecting your investment should your jewelry become lost or stolen.

Important Questions To Ask When Choosing A Policy

  • Is the jewelry covered if it is accidentally lost, or only if it is stolen?
  • How will the insurance company replace the jewelry?  Will they send you a check to cover the full amount or will they require you to purchase a replacement through a specific jeweler?
  • Will the jewelry be insured for the total cost or a fraction of the total cost?
  • How will you need to prove the jewelry is lost/stolen when you make a claim?
  • Are there any circumstances that are not covered?

Keep the following in mind when you are shopping insurance policies: A good policy should cover every possible situation from theft to accidentally throwing the ring away in the garbage.  Remember to update your appraisals every two years to keep it current with market prices.

So if you are looking to get your jewelry appraised or looking to update your appraisal, come in and see us.  We have GIA certified jewelers at our store that will do appraisals for you.