Jewelry insurance covers loss, theft and damage.
- Accidental loss happens when you least expect it. A single prong weakened by wear can suddenly release its hold on your beautiful diamond and you’ll not likely notice the loss of weight from your finger. You wouldn’t believe all the diamonds that fall out of mountings while working in the yard or doing dishes in the sink.
- Theft is more prevalent than most people expect. A diamond ring left in a suitcase while enjoying the beach or pool can suddenly disappear. A diamond ring left for just an instant in a public wash room will probably never be seen again. Uninvited “guests” in your home seek out your jewelry drawer in your bedroom dresser for a quick touch of larceny.
- Damage can occur for even the hardest of gems. While a diamond is hard, it is also a crystal that will fracture if struck a hard blow. The wrong bump with a grocery cart or a door handle can cause thousands of dollars in damage in an instant.
You can insure your jewelry through your homeowners or renter’s insurance or through a separate insurance company specializing in jewelry insurance such as Jewelers Mutual Insurance Company or Chubb Group of Insurance Companies.
For a free, no-obligation quote go to www.jewelersmutualinfo.com where you can enter our Jeweler Code A00108 and get estimated annual premiums based on the retail replacement value of your items, the deductible for each item, and the location of the person who will wear the jewelry.
Understand what your jewelry covers.
- Is there a deductible? Deductibles can reduce your annual premium but do reduce the amount insurance will reimburse you for a claim.
- Is an appraisal required? Receipts for a purchase typically do not have the level of detail and description to substantiate a claim. If your insurer does not know exactly what you had before, how can they replace it with the same kind or quality? Insurance appraisal protect you and the insurer.
- Are there geographic limitations? Some insure policies do not provide coverage for loss, theft or damage that occurs outside the United States. If you might travel with jewelry outside the country, look for an insurance company or policy that covers international travel.
- Is coverage for full replacement value? You want your coverage based on replacement value since it pays the dollar amount needed to replace damaged personal property without deducting for depreciation but limited by the maximum dollar amount shown on the declarations page of the policy.
- Can you get reimbursement versus replacement? Sometimes you might want to upgrade or change styles as the result of a claim so you do not want to be limited by only getting an identical replacement.
- Does the policy cover damage repair? Read the fine print because what repair coverage varies between policies. Routine maintenance (resizing, cleanings, polishing, inspections, appraisals) are typically not covered. However, good polices cover preventive repairs (prong re-tipping, broken, worn or bent prongs, broken earring posts, clasp replacement, restringing of broken or stretched pearl strands, and stone tightening) so read the fine print.
Beware of jewelry stores pitching Life Time Warranty.
- If you read the guarantee, it likely does not provide value to you. Generally, their liability is only for loss or damage through their negligence.
- You are responsible for loss, theft or damage you cause so get jewelry insurance. Do not make the mistake of thinking the jeweler is going to pay to replace or repair an item in the future, even if they are still in business.
- The “Life Time Warranty” most likely requires you have your jewelry item checked every six months. This benefits the jeweler by getting more store traffic for them and maybe getting you to pay for unnecessary repairs.
Pay your premiums to keep your insurance coverage current. We have had more than one client go to file an insurance claim only to find out they stopped paying premiums years ago and were no longer covered.
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