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Purchasing Insurance for Your Jewelry and Rings

By August 16, 2021September 30th, 2021Jewelry

Most of us would not think of leaving our house and cars uninsured. After all, they are some of the most expensive things we own. Yet, we often allow other valuables to remain unprotected, such as a diamond engagement ring, a Rolex Explorer, or a Cartier Love Bracelet.

Although jewelry items can be some of the most expensive items one will buy and own in their lifetime, not many people think about purchasing insurance for their jewelry and rings. Think about an engagement ring. Women typically wear them as they are going about their daily business, which makes them vulnerable to loss, damage, or even theft.

Many people assume that their home insurance includes jewelry coverage and that they are adequately covered along with their other personal property. But just because a comprehensive insurance policy protects your house and furnishings, does not mean that everything inside the house is covered.

Some policies will exclude jewelry expressly, along with other valuables that might include artwork, furs, and musical instruments. Other policies may limit coverage to a dollar amount that is significantly less than the item’s value.

Here are a few things to remember when you are looking at insurance for your jewelry and rings:


Do I really need jewelry insurance?

If you have a valuable piece of jewelry, even if the value is merely sentimental, you should consider protecting it with jewelry insurance. A diamond engagement ring is frequently removed for washing dishes, swimming, going to the gym, or applying lotions, so there are numerous opportunities for it to go missing.

Many engagement rings spend most of the time hidden in a jewelry box because the wearers are afraid something will happen to them. But jewelry is meant to be worn and enjoyed, and that is especially true for the beautiful ring that your partner gave to you.


I don’t know how to insure my jewelry. Where do I start?

Start by talking to your insurance provider. Although most major insurance companies do not offer jewelry coverage as a stand-alone product, they can provide you with additional insurance in the form of a rider. This rider is an add-on to your existing homeowners insurance policy.

If you would prefer a stand-alone policy, there are insurers–Jewelers Mutual Insurance, for instance—that specialize in jewelry and ring insurance.


What does insurance cover for my diamond ring?

Insurance typically covers your ring against fire, loss, theft, or damage. Insurers will give you options for insuring your jewelry, and the best plans will cover the full value of your jewelry.

Here are the details on the coverage that will be included:

Mysterious disappearance: Your jewelry goes missing, but you are not sure if it was stolen or misplaced. An example of this would be an expensive necklace that you wear only for special occasions. Months have gone by since you last wore it, and the next time you want to wear it, it is nowhere to be found. This is what is called a “mysterious disappearance.”

Accidental loss: When you lose your jewelry by mistake, or it is damaged beyond repair in an accident, this is considered an “accidental loss.” Take the case of an expensive pearl necklace that you are wearing on the way to a formal event. You are in a traffic accident, the airbag deploys, and the pearls are scattered throughout the car. You later discover that the necklace cannot be repaired. Jewelry insurance will cover your loss.

Coverage area: Make sure your coverage is worldwide. That way, if you travel outside of the country and lose your jewelry, it will still be replaced. It is much easier to misplace things when you are traveling, and you can quickly become a victim of theft since you will not know the area very well.


Where can I get an engagement ring insurance quote? How much will the coverage cost?

As mentioned, first contact your current insurance provider or agent. Most companies offer discounts to customers who purchase multiple policies. So, if you have your homeowners, auto, and life insurance from the same provider, you are probably going to get better rates overall.

As for the cost of jewelry insurance, your rate will depend on factors such as how often you wear it, where you live, and your insurance plan’s deductible. Typical prices for insuring jewelry generally will be around 1-2% of the jewelry’s value.

If you do not have homeowners’ or renter’s insurance, you could get a standalone quote from one of the providers that specialize in insuring jewelry.


Does my jewelry need to be appraised?

Jewelry should be appraised at least every five years since the jewelry market is always changing. Prices for specific stones can change from year to year. Inflation can also affect the value of your jewelry. Having the correct values is essential for proper insurance coverage.

Before you buy a policy:

  • Have your jewelry professionally appraised
  • Take photos

Once the jewelry insurance is in place:

  • Keep all of your receipts, appraisal paperwork, and photos
  • Store all jewelry items securely
  • Do not travel with irreplaceable or precious items

Talk to an expert before insuring your jewelry

To learn much more about purchasing insurance for your jewelry, watches and rings, contact White Cloud Insurance and get a free quote today. White Cloud Insurance is an independent insurance agency in Miami, Florida, representing some of the finest and most reputable insurance companies around.