When it comes to jewelry we are often so focused on designing a one-of-a-kind piece, choosing the perfect gemstone, and setting that we overlook the importance of insuring these precious items. A lot of folks assume that fine jewelry is covered under their homeowners insurance policy, but unfortunately this is often not the case. When it comes to homeowner’s insurance there is a lot of fine print and it is not uncommon for the policy to only insure a certain amount or only covering items that are stolen, not lost. Let’s take a look what you need to know about insuring your jewelry.
First, ask yourself, “can I afford to replace this item if it is lost or stolen?” If not, then it is vital to invest the time and money it takes to secure insurance. The standard homeowner’s insurance policy limits theft of Jewelry to $1,500. If your collection amounts to more than that insurance companies like Jewelers Mutual recommend scheduling your jewelry. Scheduling jewelry provides for broader protection by listing every item and its value separately as opposed to everything being valued in a lump sum. It usually costs around $1 to $2 per $100 worth of jewelry. For example, insuring $10,000 worth of jewelry could be $100 to $200 a year, so it is not an excruciating amount to have piece of mind.
What you need to get jewelry insured?
Having the original receipt is always good, but it is understood that family heirlooms or vintage pieces don’t get passed down with one. An appraisal is much more valuable and most insurance companies require one, especially for more expensive items. The Diamond Reserve is a certified appraiser and offers free, independent appraisals for every piece we sell. In addition to an appraisal, make sure the jeweler has provided you with the proper GIA certificates, especially for larger gems and diamonds. Last, but not least, make sure you have pictures of each piece. Usually the appraiser takes care of this, but you will want photos of every piece for your records regardless.
In an effort to bridge the gap between buyers and insurers, The Diamond Reserve has partnered with Jewelers Mutual to provide top of the line protection for every product we sell. Even with a solid jewelry insurance policy, it is important to make sure you regularly check your jewelry for wear and tear. It is better to be safe than sorry when it comes to protecting your precious jewelry!