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TrueFacet's Fine Jewelry and Watch Guide

Jewelry Insurance: A Beginner’s Guide

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Protect your most precious and valuable jewels with their own insurance policy. To help you get started, we take you through the basics of jewelry insurance.

What is jewelry insurance?
Jewelry insurance is pretty similar to other insurance policies you may already have like homeowner’s or renter’s insurance. The difference here is that, as its name suggests, it’s designed specifically for jewelry should your piece get damaged, lost or stolen.

What does jewelry insurance cover?
A good insurance policy should cover at least theft, loss and accidental damage. Premium insurance policies will include “mysterious disappearance” or “unexplained loss.” Jewelry insurance should also cover repairs so, if you need an item serviced, you can bring it to a pre-approved jeweler (similar to your health insurance’s in-network list of doctors, but with jewelers).

I already have homeowner’s insurance. Do I need a separate policy for my fine jewelry?
Most homeowner’s or renter’s insurance will cover fine jewelry. However, if you have a substantial collection or very expensive and precious pieces, you should explore jewelry insurance which will have broader coverage than your homeowner’s policy alone would.

How does jewelry insurance differ from a warranty?
A warranty covers manufacturing defects for a limited period of time. Warranties are pretty rigid and do not cover damage or if your jewelry is lost or stolen.

Do I really need jewelry insurance?
That’s an entirely personal decision. You are not required to have jewelry insurance, but it may bring you peace of mind to have it.

What type of jewelry can I insure?
Under most plans, you can insure any jewelry that carries either sentimental or monetary value. Jewelry insurance is meant for your pieces that, should they be lost, stolen or damaged, would be difficult or very costly to replace. Custom-pieces, family heirlooms, or wedding bands are the most commonly insured items. Costume or less expensive jewelry is typically not insured.

What will jewelry insurance cost me?
Although it varies from agency to agency and of course the value of items you’re insuring, you can anticipate paying 1-3% of the jewelry’s appraised value or, differently said, $1-3 for every $100 it would cost to replace.

How much should my deductible be?
That’s a trade-off for you to decide. The larger your deductible (this is the amount of money you’ll have to pay out of pocket until your insurance kicks in to cover the balance), the lower your premium (or the amount you pay for the overall insurance policy) will be. Meanwhile, a higher premium means a lower deductible.

How do I get my jewelry insured?
The first thing you’ll need is an appraisal from a jewelry expert to verify how much the piece is worth. An appraisal expert will outline the retail replacement cost and catalog the piece’s details. With that authorized appraisal, you can “shop” for insurance policies the way you would say auto insurance.

One thing to note: you should get your item re-appraised every one to three years. Jewelry’s value does not necessarily depreciate with time; for instance, a rare stone may increase in value. Meanwhile natural wear-and-tear can negatively impact its market value. Therefore it is important to make sure your appraisal is regularly updated, taking these adjustments into account.

How do I choose an insurance company?
Naturally, there are plenty of jewelry insurance scammers out there who are willing to take your money. We advise approaching only the most highly-recommended insurance companies. Jewelers Mutual, Lavalier, and Travelers Insurance, for example, are all highly rated by Consumer Affairs for their first-rate service.

How do I file a claim?
Your insurance company should provide you with a comprehensive guide to filing a claim should anything unfortunate happen to your insured jewels. But, in general, you will submit a claim to a policy agent, complete with your authorized appraisal, and, if applicable, a police report and photos. From there, your agent should process your claim and repair, replace or reimburse you for the value of your piece, depending on your policy.

If you have more questions about jewelry insurance, feel free to contact our concierge service at