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Insuring your Jewelry - Homeowners policy& appraisals

Insurance for Jewelry

Most of us make a common mistake that our wedding rings and other jewelry are covered on our home or renters insurance policy. But in fact, if your ring or watch is stolen, homeowners policy limits payment for stolen jewelry. And most commonly, home insurance policies limit stolen jewelry to $1,000 for ALL jewelry stolen.

Also, the second most common claim is losing your jewelry. Homeowners policies don't cover lost jewelry at all.

What kind of Coverage do I need?

We recommend that customers with high value items such as wedding sets or other pieces should schedule these items on a separate jewelry policy. Talk to your insurance agent about this.

Why should I get a jewelry appraisal?

Like homeowner insurance, jewelry insurance is based on value. In preparing an appraisal, the appraiser considers the components of the piece, the quality of the gems, the purity of the metals. He also takes into account the workmanship and styling. A good appraisal contains a detailed description of all these components. The valuation is his determination of what jewelry of this quality would retail for at the time of the appraisal.

Over time, the jewelry itself may not change (assuming it’s not damaged, etc.), but the world around us changes. The price of gold may go up (as it has dramatically over the past several years) or down. Diamond availability may fluctuate, in response to a variety of events from weather to political conditions, causing prices to fluctuate. A style that was in vogue may go out of favor, lowering the retail value of the jewelry. Or a designer may rise in popularity, causing his work to appreciate in value.

So the value of the jewelry is, in a sense, constantly changing. An up-to-date valuation is important because a settlement is based on the value of the jewelry at the time of lossand that may not be the same as its value at the time of its first appraisal.

To be sure the scheduled value matches the market value, many insurers ask for a new appraisal every year or two. A reliable appraiser would take into account market fluctuations on gems, metals, styles, etc., and adjust the valuation accordingly.

Please contact us for a free no-obligation quote on your jewelry insurance or you can call us at 268-3106

If your appraisal is older, it may be very out of date. We recommend periodically updating you the appraisals and insurance values on all jewelry.