Many people neglect to insure their jewelry or aren’t sure how to file a jewelry insurance claim. Even so, it’s worth learning more about it. After all, you want to protect that expensive and meaningful engagement ring or locket that’s been in your family for generations!
Jewelry insurance is especially crucial for pieces you wear daily, since they can become worn out or damaged more quickly. Even if you keep your valuable jewelry at home, there is still the danger of loss or theft. How do you insure jewelry? Let’s take a deeper dive into answering this question and more.
Is Jewelry Insurance Worth It?
Jewelry insurance can be a worthwhile investment if your renter or homeowner policy doesn’t extend to your jewelry. If this is the case, jewelry insurance can put your mind at ease because it protects your precious pieces against disappearance, loss, theft or damage. Also, jewelry insurance is typically quite affordable because you can often bundle it with an existing policy, and it usually only costs a fraction of the value of the items you insured.
If you think jewelry insurance would be worth it to invest in, ensure you fully understand what your policy covers and how it works. For example, you’ll want to know if your policy extends outside your country.
Jewelry insurance may not be a wise idea for you if your jewelry’s value doesn’t exceed the amount covered by your existing insurance policy. In other words, if you don’t have a substantial amount of expensive jewelry, you may want to consider contacting your insurance company to see if you can get coverage for your jewelry under a “valuables” rider.
Of course, it’s essential to insure any item that is meaningful to you, but a jewelry insurance bill can start to add up, even if your premiums are small. If you don’t think you can afford a policy for all your jewelry, you can always cover your most valuable pieces separately, then allow your homeowners insurance to cover the rest.
Will Homeowners Insurance Cover Lost Jewelry?
Jewelry insurance provides a broader coverage range for your valuable jewelry than your homeowners policy. For example, jewelry insurance will usually cover the price of a full replacement, whereas your homeowners policy will typically only pay out a fraction of the cost of a replacement because most insurance companies consider jewelry a non-essential household item.
While many homeowners insurance policies cover stolen jewelry, they don’t account for lost or damaged pieces. For complete peace of mind about protecting your jewelry, you may want to consider buying a separate policy from your homeowners insurance.
How Do You Insure Jewelry?
When thinking about getting jewelry insurance, the first thing you should do is contact your homeowner or renter insurance company to ask if you can add it to your current policy. Ask an insurance agent what coverage options they offer, and whether that applies to all your items.
If you want a separate jewelry insurance policy, you can list individual values for each piece if you provide proof of purchase or worth through an appraisal. If you decide to get jewelry insurance, you’ll need to choose the type of policy you want. Below are the two primary types of jewelry insurance you can purchase.
- Scheduled jewelry insurance: This policy includes a list of each piece of jewelry and its agreed-upon value. For this type of insurance, you’ll need an appraisal completed within the last two years for every piece. This policy option is a wise investment if you have expensive or irreplaceable items.
- Blanket jewelry insurance: This policy covers your jewelry collection’s total value instead of every separate piece of jewelry you own. However, each piece will have a maximum limit value. If you choose to go this route, you may need a separate policy for high-value pieces. Even if you acquire a new item, your policy will cover it if its value doesn’t exceed your policy’s maximum limit.
What does jewelry insurance cover? These types of insurance policies typically apply to mysterious disappearances and accidental loss.
- Mysterious disappearance: When your jewelry goes missing and you don’t know why, insurance companies call it a mysterious disappearance. You may not even notice until months after it happens.
- Accidental loss: Accidental loss is when you know you’ve lost your jewelry by mistake or your jewelry has become irreplaceable because of an accident.
Once you’ve locked down what you want from your jewelry insurance policy, it’s time to get your jewelry appraised.
How to Get Jewelry Appraised for Insurance
You need to get an appraisal before buying jewelry insurance because your insurance provider will need to know your jewelry’s total value. For example, the assessment will include a recording of your pieces’ weight, markings, material, manufacturing and gem rarity and quality.
Before you go to an appraiser, consider doing some research. It’s vital to find an appraiser who specializes in the particular type of jewelry you have, works for a fair fee and belongs to a reputable professional organization.
How Often Should Jewelry Be Appraised for Insurance?
Granted, it would be convenient if you only had to get your jewelry appraised once, but appraisers and jewelry companies recommend getting appraisals every two to three years. Why? Jewelry fluctuates in value over time because of inflation and changes in the jewelry business. If you have an outdated appraisal when filing your claim, you may realize to your dismay that your pieces are now worth far less than you thought.
How Do Jewelry Insurance Claims Work?
If your jewelry gets damaged, lost or stolen, the first thing you need to do is call your insurance professional. If you already have a scheduled policy, they’ll have your appraisal on file. If you’re filing an insurance claim for lost jewelry, show your insurer any documentation you have, such as photos or past appraisals.
If you’ve chosen a blanket policy for an entire jewelry collection, you’ll need to provide documentation, such as estimated values, descriptions of the pieces and photos. Then, your insurer will give you a check for the value of your lost, stolen or damaged piece of jewelry.
Contact Strock Insurance
The importance of jewelry insurance lies in the fact that you can get broader coverage for your jewelry than you can get with your homeowner or renter policy. It also lies in the sentimentality you may have attached to your jewelry and how crucial it can be to protect that.
Strock Insurance is the leading independently owned insurance provider in Central Pennsylvania. To learn more about our jewelry insurance options, contact us using our online form or request a quote online. We are proud to exceed our customers’ expectations.
