What does jewelry insurance cover?
Jewelry insurance typically covers accidental damage, loss, theft, and mysterious disappearance. So, if you lose a valuable ring while traveling or a stone falls out unexpectedly, you’re protected.
That said, carefully review your options before making any final decisions, as specific coverage can vary from policy to policy. Most policies can cover a wide range of items, including antique pieces, engagement rings, and luxury watches, but it’s best to confirm that the pieces you want to protect are included.
How much does jewelry insurance cost?
The cost of jewelry insurance is usually calculated based on the jewelry's value and often costs around 1-2% of the appraised value per year.
For example, insuring a $5,000 piece might cost $50 to $100 annually.
If you want to keep costs lower, consider bundling your jewelry insurance with your other policies or opting for a higher deductible. However, it's vital that you don't sacrifice essential coverage in the process.
How is the value of my jewelry determined?
Insurance companies usually require a professional appraisal to determine your jewelry’s value. Ideally, you would update this appraisal every 2-3 years to reflect market changes to ensure you always have the right amount of coverage.
Is my jewelry covered under my homeowners or renters insurance?
While homeowners or renters insurance often includes some jewelry coverage, it usually has low limits—typically around $1,000 to $2,000. A standalone jewelry policy offers more comprehensive protection for high-value pieces without impacting your other policies.
What should I do if my jewelry is lost or stolen?
If something happens to your jewelry, taking immediate action can improve the likelihood of a smooth claims process. Follow these steps:
- Report the loss: If your jewelry is stolen, contact local authorities to file a police report. Always do this first! Some insurers may require this report for theft claims.
- Notify your insurance provider: Contact your insurance provider as soon as possible to report the loss. Be ready to provide basic details, such as when and where the item was lost or stolen.
- Gather documentation: Collect any relevant documents, such as a recent appraisal, purchase receipts, or photos of the jewelry. This documentation helps establish proof of ownership and the item’s value.
- Complete a claim form: Your insurer will likely require you to fill out a claim form with details about the loss. Be as thorough and accurate as possible to avoid unnecessary delays.
- Follow up on the claim: Keep in touch with your insurer to track the progress of your claim and provide any additional information they might need.
Does jewelry insurance cover repairs or partial damage?
Yes, many jewelry insurance policies cover repairs. For example, if a stone falls out or a clasp breaks, your policy may cover part or all the repair costs, depending on your coverage.
Don’t wait to protect your precious gifts this holiday season.
Whether you're gifting a stunning piece or already have treasured jewelry at home, insuring it is the smart choice. Contact our team here at Leavitt Group Texas Select for a quote or consultation on jewelry insurance. We’ll help you find the right coverage to protect the finer things in life.
