Jewelry insurance can sometimes be overlooked, but if you love your jewelry and it’s important to you, you should definitely have it insured. Think about it, it’s common to insure the most valuable things in our lives like our cars, homes, and even ourselves. So, why wouldn’t your precious jewelry be on that list? Don’t wait until it’s too late to purchase jewelry insurance!
Given that jewelry is made to be worn, it is more susceptible to unpredictable incidences. For example, a ring could slide down the sink, an earring may fall out, or the bag with your beautiful jewelry was left at the gym. We all know accidents happen. And even if your jewelry is not worn all the time, it may not be safe at home either. In fact, theft and loss of jewelry are common causes for insurance claims. That’s why it’s important to get insurance before the unthinkable happens.
Insurance vs Warranty
For the most part, jewelry stores do not sell insurance. Instead, they will give recommendations on where to purchase insurance. Some jewelry companies will sell an extended warranty or service plan. However, this is a different type of coverage. Warranties cover normal wear and tear, routine maintenance, and manufacturer defects. Insurance, on the other hand, covers damage from an accident or theft. It is comparable to car insurance vs. a car’s warranty.
Steven Singer's Recommendation
We always recommend Jewelers Mutual Insurance Company. They exclusively focus on jewelry insurance. And although Steven Singer Jewelers has no affiliation with Jewelers Mutual, we have worked with them for years. They offer a $0 deductible option, which a lot of our guests take advantage of.
Jewelry insurance is also available through renters and homeowners insurance policies. However, each company and policy will be different. We suggest comparing the coverage and premiums to make sure you choose the right insurance for you. When comparing these policies, don’t forget to look into the radius of coverage. Some renters and homeowner policies will only cover incidents within a specific radius of the home. So, if you travel or are away from your home with your jewelry, pick a plan that will cover your jewelry anywhere.
What's Needed for Coverage?
Each company is different in what they require to get your jewelry insured. Some insurance companies will need an appraisal outlining the details of your jewelry, along with the approximate retail replacement value. Depending on the company, the appraisal may need to be updated to reflect the current value and condition of your jewelry. Others may ask for a copy of the receipt and pictures of the jewelry. Each insurance company will let you know what they need.
If you need an updated appraisal, you can either reach out to the jeweler that you purchased it from or contact a professional appraiser. Either way, they will need to physically inspect the jewelry in person before providing an updated appraisal. If your jewelry was purchased from Steven Singer Jewelers, updated appraisals are always available at no charge, just contact us!
How Much Does Jewelry Insurance Cost?
There are many factors that go into the cost of insurance. The replacement value, location of residence, and if the jewelry is worn or stored can all make a difference in the cost. The cost of insurance will also vary depending on the coverage and premiums. Jewelry insurance is usually very affordable and well worth having.
Just like auto or homeowners insurance, you will need to renew your insurance when it is getting ready to expire. Most insurance policies are paid and renewed annually, but it all depends on the company.
Need to File a Claim?
If something tragic happens to your insured jewelry, contact your insurance company immediately. They will guide you on how to get it replaced or help you with the process to get it repaired. If you are unsure if a claim is needed, contact your jeweler and they will be able to assist you.
We’re Always Here to Help!
If you still have jewelry insurance questions, my name is Stephanie and I am more than happy to help. I have been an Expert Jeweler for over a decade with experience in helping customers through jewelry claims and insurance questions. Trust me when I say, jewelry insurance is extremely important, and I strongly recommend having it.
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Stephanie has been a jeweler for over a decade and has expanded her knowledge exponentially. From engagement rings to anniversary gifts, Stephanie is an expert at it all.