Jewelry Insurance: All the Information You Need

Jan 05, 2023 By Susan Kelly

When your jewelry gets broken or stolen, your insurance will help replace it. Some insurance also covers jewelry loss. You'll discover a variety of jewelry insurance plans to choose from below.

Insurance for one's possessions under a typical policy

Jewelry is covered under the personal property component of a standard homeowner's, renter's, or condo owner's insurance policy (along with other belongings like clothes and furniture).

Theft and fire are two common perils covered by such plans. Problems not specifically covered by the policy, such as damage caused by misuse or dumping an expensive item down a heating vent or dishwasher, will not be compensated. Generally, natural disasters like floods and earthquakes are not covered by standard homeowner's insurance.

Submit A Claim For A Lost Or Broken Item

Second, the deductible will be deducted from any payout made by the insurance. A $1,000 deductible on your homeowner's insurance means that if someone takes your $1,500 bracelet, you will only receive $500 in compensation. Finally, reporting a jewelry item as stolen or damaged might increase the cost of insurance for other valuables.

Complete protection

With blanket coverage, you can increase the maximum amount your insurance policy would pay for certain valuables, like jewels. If, for instance, your blanket coverage raises the limit for stolen jewelry from $1,500 to $5,000 or more, it is worth it. The quantity you can buy of each item may also be limited.

Coverage for missing jewelry may be included in your blanket policy, depending on your insurer. Some businesses provide blanket coverage without a deductible.

Insurance for Valuable Possessions as Listed

Scheduled jewelry is insured separately from other jewels in the owner's collection. You may have no other valuable jewelry besides your $5,000 engagement ring. You can insure just the ring, saving money on insurance for a collection you don't have.

In the event that you lose a valuable item, like a bracelet or ring, scheduled personal property insurance may compensate you for the financial loss. Usually, no personal payment is necessary.

Warranty terms for jewelry

Warranties often cover flaws with the construction or production, such as loose stones or weak spots in the framework. Normal wear and tear will not be compensated for. Additionally, jewelry that is lost or stolen on the beach will not be replaced.

Some jewelers require annual or semiannual jewelry inspections to keep the warranty valid.

Plans for servicing jewelry

Services, including ring sizing, stone resetting, rhodium plating, and prong repairs, may be included in a service plan offered by your jeweler. These policies can be used to fix broken jewelry, but they will only help if your jewelry is recovered or stolen.

If you continuously wear your engagement ring and indulge in strenuous activities, your ring runs the risk of being destroyed.

Protect your jewelry with coverage from an industry expert.

Jewelry insurers typically provide more protection than standard home or renter policies. Repairs like stone tightening and clasp replacement are routine maintenance that could be included. They might reimburse you for your loss if your jewelry was damaged or destroyed by a natural disaster like a flood or an earthquake.

Gemologists' Mutual

The best news is that you can be eligible for a reduction in your jewelry insurance premiums if you install a security system in your house, keep your property in a safe deposit box, or have an identification number inscribed on your jewelry by a business partner.

Although additional payment plans may be available if your annual premium exceeds $200, Jewelers Mutual does not provide monthly payment options.

The mechanics: The company's founders were jewelers, and it has been in business since 1913, making it the oldest jewelry insurer in the world. It protects against calamities like hurricanes and floods and the more common ones like burglary, disappearance, and damage. Preventative maintenance may also be included, such as realigning bent prongs or restringing shattered pearl necklaces.

A monthly payment plan is needed.

Loss, theft, damage, and inexplicable disappearance are all covered by Lavalier, as are claims due to natural disasters like floods and earthquakes. Additionally, there is some protection for newly purchased jewelry. Coverage is typically limited to $50,000 per item and $150,000 per policy, though higher amounts may be available upon request.

In other words, the deductible.

Whether the policy pays out at "replacement cost" or "actual value" (cost minus depreciation) (the cost to replace it today), sometimes, a third choice presents itself. Offered by some insurers, you can protect irreplaceable jewelry like family heirlooms from financial ruin on an agreed value basis.

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