You’ve worked hard to build a jewelry collection, and you want to keep it safe. You love the pieces in your collection because they remind you of special moments and people in your life.
Insurance protects your jewelry against loss, damage, or theft. It also keeps you covered while traveling—and theft can happen when you’re on-the-go just as much as it can at home.
What To Consider Before Purchasing Jewelry Insurance
In most cases, you’ll need to insure your jewelry before you wear it. If you don’t and something happens to your jewelry, the insurer could argue that it was already damaged when you purchased the policy.
Don’t store your jewelry in a safe deposit box at the bank. Most insurers will not pay for claims involving valuables stored in a safe deposit box because they cannot confirm whether or not what is missing has been stolen or damaged by someone else or lost by accident or negligence on your part.
Keep track of where and how you store your high-value items. This includes making sure you have receipts, photos and appraisals handy so that if something does go wrong and you need to file a claim, you can process it quickly and easily!
Types of Insurance Coverage for Jewelry
Homeowners’ or renters’ insurance: Most policies provide some coverage for jewelry, but not much. If a piece is lost or stolen, the company will pay its actual cash value, which is the amount you paid minus depreciation (which can be a lot). And if something happens to that jewelry away from home, your policy probably won’t cover it.
Personal articles floater: This provides better coverage than a homeowners’ policy by insuring jewelry for its full replacement value — the cost of repairing or replacing it with an identical item — and not just actual cash value. And it protects you everywhere in the world, not just at home.
Stand-alone policies: This type of insurance is similar to personal articles floaters, they can be more expensive but provide more comprehensive coverage than a standard floater.
What Does Jewelry Insurance Cover?
Here’s what your jewelry insurance should cover:
Theft. If your diamond necklace gets stolen, you deserve to be reimbursed. Theft is a common type of claim, so an insurer that doesn’t cover it isn’t worth your time (or money). Make sure you’re covered for theft both at home and when traveling.
Damage and Accidental Loss. Besides theft, the most frequent claims insurers receive involve damage to or loss of jewelry items. If you drop your necklace on the kitchen floor and it breaks, or if one of the prongs falls off while you’re hiking, your policy should reimburse you for the cost of repairing or replacing it.
Mysterious Disappearance. If a ring falls off your finger and can’t be recovered at all, that’s a mysterious disappearance.
Jewelry is a big investment, so making sure it’s covered in case of theft or loss is an important step to take. Call us today and we’ll get your jewelry covered!
About Ryan Ruffcorn
Ryan grew up in Keokuk, graduated from Keokuk Senior High, and started his agency in Keokuk from scratch in 2003 after having worked for one of the largest international accounting firms, KPMG, LLP.
Ryan is hardworking; his loyal and trustworthy character is exemplified by the way he does business. He thoroughly enjoys helping clients through the insurance buying process to secure coverage for their most valuable assets.