You have invested a lot of money in your jewelry collection and you want to make sure it is protected. Whether your signature piece is an heirloom diamond ring, a custom bracelet or a stunning Large Waterfall Pendant from one of Na Hoku’s signature collections that you just cannot stop wearing, it is worth to think about what you would do if it were ever lost, stolen or damaged. Fine jewelry necklaces and other items are worth insuring to ensure that an unfortunate situation does not become a major financial loss. If you are wondering how to insure jewelry — or whether it is worth it — read on for helpful insight.
Why Buy Jewelry Insurance
Jewelry is more than just an accessory — it is often sentimental, expensive and surprisingly easy to damage, lose or misplace. A ring slipped off at the beach, a necklace stolen during travel or a pearl lost in an accident can leave you with a sizable financial and loss — not even counting the sentimental value. While homeowners or renters’ insurance might offer some protection for your jewelry, coverage is often limited, and may depend on where and how the item was lost.
That is why insuring your fine jewelry separately is a smart move. Specialized insurance companies or policies designed specifically for fine jewelry may provide broader coverage for instances like accidental loss, mysterious disappearance and damage, ensuring your favorite jewelry items are fully protected. To understand what is available, speak with your current insurer or a licensed jewelry insurance provider.
How to Insure Jewelry: The Basics
If you are not sure how to get started, insuring fine jewelry is often simpler than it seems:
1. Get an Appraisal
Before you can insure a piece, you will need to know its value. The best way to do that is to have your jewelry professionally appraised by a certified gemologist or jeweler, and keep documentation on file. For particularly valuable pieces, appraisals should be updated every few years to reflect market changes.
2. Choose an Insurance Provider
The good news is that you may already work with a jewelry insurer. Some homeowners and renters policies allow you to simply add a jewelry rider to your existing plan. You can also go through a specialty jewelry insurance provider for more comprehensive protection and personalized service.
3. Understand the Coverage
As with any type of insurance, make sure you know what is covered and what is not before you sign on the line. Some jewelry insurance policies may offer coverage for theft, loss or accidental damage, with some even covering the cost of repairs. Some policies may also cover travel or provide worldwide protection for broader coverage. Always consult with your insurer to understand exactly what your policy covers.
4. Pay the Premium
Annual jewelry insurance premiums typically range from around one to two percent of the item’s value, though you should check exact costs and coverage as they vary by provider.
As with any type of insurance. It is recommendable to shop around and compare costs and policies to find the right fit.
What Should Be Insured?
Any item you would hate to lose is worth considering for insurance. Engagement rings, diamond earrings and fine jewelry necklaces are common examples, but do not forget about watches, antique pieces or anything with high monetary or sentimental value.
Even if you do not wear it often, that does not guarantee its safety. Theft, fire or loss during a move can happen when you least expect it.
Final Thought
If you have been wondering how to insure jewelry, a good first step is contacting your home insurance or renter’s insurance provider to learn what your current policy covers. If their coverage is not enough, a specialized jewelry insurance provider may offer additional piece of mind. Getting insurance is a small effort that goes a long way toward keeping your most treasured pieces safe — no matter what life throws your way.