How to Properly Insure Your Jewelry

An antique brooch from your grandmother, the engagement ring you take off and carefully place when you’re cooking. Beautiful, one-of-a-kind earrings you received as a gift.

For many, jewelry isn’t simply a fashion statement. Earrings, rings, bracelets, and other items often hold sentimental value and become part of family tradition. Just as with everything that matters most, it is important to protect your jewelry with proper insurance. However, most people are unaware of how to make their insurance policies work for big-ticket items like jewelry and precious gems.

Learning more can help you protect the pieces you love and ensure your priceless jewelry is protected and enjoyed for years to come.

Starting With Homeowners and Renters Insurance

There are two main forms of insurance used to protect personal belongings, homeowners insurance and renters insurance. Homeowners insurance, depending on your policy, insures your actual home and certain personal belongings. Renters insurance is for your belongings when you are renting a property. Both generally only cover a pre-determined dollar amount.

This means if your property is stolen or damaged and the total dollar amount is higher than your policy covers, you will lose money and the ability to replace the things you’ve lost. Policies to protect valuable jewelry, often referred to as jewelry insurance, are the most secure way to make sure you are covered.

How Do I Insure My Jewelry?

Insuring your jewelry can be completed in a number of ways. We’ve got an easy-to-follow process to help you get started:

• First, take a close look at your existing homeowners or renters insurance policy.
• Determine the amount set aside for unscheduled personal property. Unscheduled personal property includes items covered by your policy, but not itemized or specifically covered.
• Make a list of all the jewelry items you want to insure and determine an approximate cost.
• Compare the value of your jewelry to your current policy. This will help determine your first steps as you look for an updated or revised policy to include your jewelry.

For most insurance agencies, improving your policy to include items such as jewelry is often dubbed adding a “rider” to your current policy or “scheduling valuables.”

What Will I Need to Insure My Jewelry?

After determining that jewelry insurance is right for you, you’ll need to get some more specific information to take to your insurance agent. Doing so will save you time and ultimately save you money. When you go into to your insurance agency, you’ll want to have:

• The original receipts, if you have them. While this may be impossible for heirloom jewelry, start keeping your receipts for any jewelry purchases in the future. You can also use online banking to track down charges and costs.
• A new appraisal for all the pieces you want to insure. A professional estimate on what each item is worth in today’s current market is essential to personalizing your coverage. This is especially true of older items as the value may have changed over time.
• Any certificates for precious gemstones, such as diamonds in engagement rings.
• A list of questions to help you feel confident in your choice of agents. You’ll need to talk about what situations qualify for compensation in your coverage? For example, will the policy cover an engagement ring if it is lost or only if someone steals it? Will the ring be covered if you lose it on vacation or does the damage need to occur in the home?

It is also important to keep a list, either written or digital, that details the items you own and their value. This will help you keep inventory and assess damage should a robbery or disaster occur. Keep this list in a secure, private place.

Why Is Insuring Jewelry Important?

Losing a prized piece of jewelry under any circumstances is a terrible loss; this loss is compounded when the item has deep sentimental or significant meaning to your family. While nothing can replace your jewelry, it is important you receive the compensation you need to move forward.

At Esposito Insurance Group, we work hard to find you a policy that meets all of your needs and protects the items that you truly care about. Ask us any questions you have about insuring your jewelry and gems, and what the process entails. Contact us for fast and friendly service; fill out this form for more information and to get a quote. We look forward to working with you and your family!