Skip to content

7 Reasons You Need Jewelry Insurance

Did you recently buy a new piece of jewelry and find yourself wondering: Do I need jewelry insurance?

Jewelry is more than just an accessory, it’s a valuable investment. Whether you own an engagement ring, a luxury watch, or a family heirloom, protecting your valuables is crucial. The right jewelry insurance can safeguard you against loss, theft, and unexpected damage.

In this guide, we’ll break down everything you need to know about jewelry insurance, from coverage options to costs. Keep reading to learn how to protect your precious items.

What is Jewelry Insurance and Why Do You Need It?

Jewelry insurance is a policy that covers loss, theft, or damage to your valuable pieces. Unlike standard homeowners or renters insurance, which offers limited protection, a specialized jewelry insurance policy ensures you’re fully covered.

If you own high-value jewelry, relying solely on your homeowners or renters insurance may not be enough. In some cases, claims can lead to higher premiums or policy cancellations. That’s why a standalone jewelry insurance policy can be a smarter choice.

How to Insure Your Jewelry

There are two primary ways to insure your jewelry:

  1. Homeowners or Renters Insurance Add-On: You can add a jewelry rider (or floater) to your existing policy, but be aware that claims could impact your overall coverage.
  2. Standalone Jewelry Insurance Policy: If you own high-value jewelry, a separate policy may offer better protection without affecting your home insurance rates.

If your jewelry is worth more than $5,000, it’s highly recommended to get a specialized policy to avoid coverage gaps.

What Does Jewelry Insurance Cover?

Jewelry insurance typically covers a range of risks, including:

  • Theft of the item
  • Loss, even if misplaced or lost at sea
  • Mysterious disappearance (if it goes missing with no explanation)
  • Damage while traveling (with limits)

This coverage ensures that no matter what happens, your valuable jewelry is protected.

What’s NOT Covered by Jewelry Insurance?

While jewelry insurance offers great protection, there are exclusions you should be aware of:

  • Normal wear and tear over time
  • Damage from chemicals like chlorine or acids
  • Mishandling, such as dropping a gemstone or leaving it in extreme heat

Understanding these exclusions helps prevent unexpected surprises when filing a claim.

How to Determine Your Jewelry’s Value

Before insuring your jewelry, you need to determine its value. This can be done through:

  • Professional Appraisal: Most insurers require an appraisal for items valued over $5,000.
  • Receipts & Photos: Some policies accept proof of purchase and images instead of appraisals.

Regular appraisals ensure that your policy reflects the current value of your jewelry.

How Much Does Jewelry Insurance Cost?

Jewelry insurance costs typically range from 1% to 3% of the item’s value annually.

For example:

  • A $6,000 wedding ring could cost between $60 and $180 per year to insure.
  • A collection of jewelry worth $20,000 could cost between $200 and $600 annually.

Factors that impact the cost include:

  • The total value of your jewelry
  • Where you live (higher crime rates may result in higher premiums)
  • Your personal history of loss or claims
Is Jewelry Insurance Worth It?

Jewelry is a significant investment, and the right insurance policy ensures you’re fully protected. Whether it’s an engagement ring or a luxury watch, having coverage gives you peace of mind.

Do not take chances with your valuables, secure the right insurance today. Contact us, and we’ll help you find the right jewelry insurance policy for your needs.