The most obvious reason to insure your fine jewelry is because in the case of theft or loss you want to be able to replace the piece(s), if at all possible, or at least recover the value. However, as is the case with most insurance, it’s not always just that simple.
There are different factors to consider when insuring your jewelry and it’s important to be able to ask the right questions when getting insurance. It all depends on your circumstances and, ultimately, what you own.
For instance, does it make more sense to have coverage for specific items or does it make more sense to get blanket coverage for your jewelry? The answer to this question goes back to how many pieces you own and what the value of those pieces is. It might make more sense to have blanket coverage for all your jewelry if you are looking to cover a small or intermediate range of pieces by number or value.
Conversely, if you have higher value pieces, antique jewelry, family heirlooms, etc., you may want to have coverage for those items specifically.
What kind of loss is covered by your insurance? This is a very important question to ask because while theft coverage is important, what happens if you’re at the beach and your ring slips off your finger? What happens if an earring falls off? Sometimes it seems there are more questions than answers, but the bottom line is that you want to replace the jewelry or recover the value in case of theft or loss.
The first step you want to take is to get accurate appraisal value for all your pieces. While this may sound obvious, the value of your pieces can change as the prices of gold and other precious metals fluctuate.
Once you get your appraisal, it’s time to look at your homeowner’s or renter’s insurance. Most people assume their jewelry is covered, but they don’t realize that coverage is typically limited to $2,500 or less with these policies. If your cumulative jewelry value is more than this, you will definitely want to look at insurance specifically for your jewelry.
Check your current insurance policy and if you need jewelry insurance, you can find the top 5 best rated companies here.