How to Insure Jewelry: Keep Your Valuables Safe

There's no doubt that jewelry is a valuable commodity. People spend thousands of dollars on jewelry yearly, from diamond necklaces to gold watches. So it's crucial to ensure that your cherished possessions are insured in case they're ever lost or stolen. Here are a few tips on how to keep your valuables safe.

Reasons for Insuring Jewelry

Jewelry is one of the most commonly stolen items and is also one of the most challenging items to recover once it has been stolen. That's why it's so important to have jewelry insurance. Whether you have a few pieces of costume jewelry or an entire collection of expensive gems, ensuring your jewelry will give you peace of mind and protect your investment.

There are a few reasons why you might need jewelry insurance. First, as we mentioned before, jewelry is one of the most commonly stolen items. In fact, according to the FBI, over $100 million worth of jewelry is stolen each year. That's why it's so important to have insurance in case your jewelry is ever stolen.

Another reason you might need jewelry insurance is that jewelry is delicate and easily damaged. Even if you are careful with your jewelry, there's always a chance that it could get damaged or broken. If you don't have insurance, you would have to pay to replace or repair the damage out of your pocket, which can be expensive.

Types of Insurance for Jewelry

There are two main types of policies regarding jewelry insurance: Scheduled and Blanket.

Scheduled Insurance

Each piece of jewelry will be listed with an agreed-upon value under this policy. Each object must have an evaluation completed within the last two years. Scheduled jewelry insurance is ideal for high-priced items.

Blanket Insurance

Your coverage under this policy will be based on the total worth of your jewelry collection rather than an individual piece. There will be a predetermined maximum value per individual item. You may want to consider a separate scheduled coverage if you have a single high-value item. Blanket jewelry insurance is simpler to set up and does not require assessments. 

It is, however, recommended that all of your items have documentation so that valuations can be determined after a loss—a photograph, a description of the piece, and an estimated worth.

You don't have to worry about adding a new piece to your coverage if you buy it while traveling. It will be fully covered as long as the value does not exceed the maximum amount in the policy.

How Do You Filing a Claim for Lost Jewelry?

To file a claim for lost, stolen, or damaged jewelry, simply contact your insurance agent. They will have an assessment on hand if you have a scheduled policy. If you have a blanket policy covering your whole collection, they will require paperwork such as a photo, a description of the object, and an estimated worth. After that, the company will give you a check for the agreed-upon value of the piece. Even if your policy does not require it, it is usually a good idea to get jewelry appraised.

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How Much Does Jewelry Insurance Cost? 

The cost of jewelry insurance depends on a few factors, such as the value of your jewelry and the type of coverage you choose. However, it is generally very affordable—especially when you consider the peace of mind it provides. 

Related Link: Is Jewelry Insurance Worth it?

How Insurance Companies Value Jewelry

When you insure your jewelry, the insurance company will assign it a replacement value, which is the amount of money it would cost to replace the piece with one of similar kind and quality. The replacement value is usually based on the retail price of the jewelry, but it may be less than that if the piece is older or no longer in production.

Insuring Your Jewelry

The best way to insure your jewelry is to get it appraised by a qualified jeweler and then insure it for that amount. When you're insuring your jewelry, be sure to keep receipts and other documentation in a safe place so that you can prove the value of your jewelry if it's ever lost or stolen.

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How Often Should You Appraise Your Jewelry?

If you own jewelry, it's important to have it appraised on a regular basis. This will ensure that you have accurate insurance coverage in case of loss, and it will also give you a good idea of the value of your jewelry should you ever need to sell it. Most experts recommend having jewelry appraised every three to five years. However, there are a few circumstances when you may need to have your jewelry appraised more frequently.

For example, if you buy a new piece of jewelry or if you experience a significant life event (such as getting married or divorced), you should have your jewelry appraised as soon as possible. By keeping up with regular jewelry appraisals, you can be sure that your jewelry is always properly insured and valued.

Extra Precautions of Keeping Your Jewelry Safe

It's important to take extra precautions to prevent your jewelry from being lost or stolen in the first place. For example, don't leave your jewelry lying around where someone could easily snatch it up.

When you're not wearing your jewelry, store it in a safe place where no one but you has access to it. And when you travel, don't pack your jewelry in your suitcase; keep it with you in your carry-on bag so that it doesn't get lost or stolen en route. 

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Insure Your Jewelry Today! 

The best way to insure your jewelry is to get it appraised by a qualified jeweler and then insure it for that amount. You should get your jewelry appraised every few years to make sure that the value of the appraisal remains accurate.

When you're insuring your jewelry, be sure to keep receipts and other documentation in a safe place so that you can prove the value of your jewelry if it's ever lost or stolen. Insure your valuables today and sleep soundly knowing that your precious jewels are protected. Be sure to check out our blog for more helpful jewelry-related articles!

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