What is jewelry insurance and what does it cover?
With jewelry insurance, you can cover the cost of repairing or replacing your valuables. Most policies protect against accidental loss, theft, damage and disappearance, even during global travel. Jewelry insurance offers protection for most types of jewelry and collections, including:
- Engagement and wedding rings
How much does jewelry insurance cost?
You can expect a policy to cost anywhere from one to two percent of the item’s value, annually. For example, a $5,000 engagement ring could cost as little as $50 a year to insure.
Coverage for your rings, watches and more
Comprehensive coverage protects you from the high out-of-pocket costs to repair and replace your item.
After you submit a claim, a team of jewelry experts work directly with your preferred jeweler to repair or replace the piece to your satisfaction.
Jewelry insurance FAQs
The jewelry coverage on a homeowners or renters policy is often not enough to cover the full replacement cost and even jewelry-specific riders have limits on coverage amounts. For example, a homeowners policy might only pay up to $1,000 for any jewelry claims. That means you would be held responsible for the out-of-pocket costs to repair or replace the piece. Additionally, purchasing a standalone jewelry policy protects your home insurance from the effects of a potential jewelry claim.
In most cases you don’t need an appraisal unless the policy goes to underwriting. However, it is highly recommended that you get the item appraised to determine the level of coverage you need.
A jewelry appraisal evaluates your entire piece including stones, setting, material, and other factors then assigns a dollar value. We use the appraisal and/or detailed receipt to set a coverage limit on your policy. If its value was over-inflated, you could spend more than necessary to insure your piece. If it’s under-insured, you may have additional out-of-pocket expenses to repair or replace the jewelry if it’s damaged or lost.
Your local jeweler can appraise your item. Jewelry worth can change over time, which is why we recommend you get it re-appraised every two years.
There are many deductible options, starting at $0, $100, $250 or $500. Deductible options may vary based on previous loss history or underwriting review.
Pick the deductible option that’s right for your situation. However, keep in mind that choosing a higher deductible means you will pay less for your yearly insurance premium, but you could also end up paying more later if you submit a claim.
You can file a claim online or over the phone. You then select your preferred jeweler to repair or replace your item. Once you pay your deductible (if applicable), you work directly with your jeweler to replace the item of same kind and quality, not to exceed your items coverage limit