Jewelry Insurance: Do You Need It?

Coming home to find your home has been ransacked is just one nightmare scenario that may cause you to want to protect your valuables. If you are not properly insured, this could be a real horror. Whether it’s your grandma’s ring, the anniversary band your husband gave you on your twentieth anniversary, or your lifetime collection of necklaces, all of these sentiments must be secured with jewelry insurance so you can have peace of mind.

Knowing When to Insure

To insure or not to insure? You have to decide. Value, sentiment, emotion, and your aversion to risk are all factors in answering that question.

What existing insurance do you already have for your jewelry? It is in your best interest to first check your existing homeowner’s or renter’s insurance policy and see where you stand on the matter. Most policies cover $1,000 to $15,000 of unscheduled personal property, while some policies do go higher. If you were to lose $25,000 worth of jewelry in this scenario, you would be under-insured.

“Scheduled” Jewelry Insurance

A “Scheduled” insurance plan refers to an item listed separately and not lumped together with general assets. This type of policy can be attached to your existing policy, or it may be completely separate.

Scheduled jewelry insurance normally costs around $1 to $2 per $100 worth of jewelry per year. This means to insure $20,000 worth of jewelry could cost you $200 to $400 per year.

If you’re like most, you’re already paying for fire, car, health, life, liability, and just about every other kind of insurance under the sun. Is it worth the peace of mind to add jewelry to the list?

Things Needed to Insure

The original receipt, if possible

This is not always possible, so don’t worry if you don’t have one.

Certificates

Larger gemstones are sometimes graded and certified by one or more industry-accepted organizations.

An appraisal

Most insurers require appraisals, especially for more expensive items. You will most likely need to get a separately certified appraiser to create an appraisal/valuation for you. You can ask what is required before getting your jewelry appraised/valued.

Pictures

These may be included in the appraisal, but it is always good to photograph all your jewelry for your records.

Double Check That It’s in Writing

Make sure everything is spelled out in writing. If it isn’t written, it may not be legitimate. It doesn’t matter what someone told you, as your policy may not cover a particular type of loss.

Steps to Protect Your Jewelry

There are some simple things you can do to ensure the safety of your jewelry:

Regularly check all your jewelry for wear and tear

It is worth your while to examine the prongs holding your gemstones and the clasps on all your chains and bracelets frequently. You might even want to have a professional jeweler check out the more valuable pieces you often wear.

Make sure your rings fit properly

Loose rings can easily slip off. It is helpful to measure your finger size so the ring fits properly.

Keep your jewelry locked up

A personal home safe can do the job. It is recommended to have them bolted to the floor or in the wall.

Take off your jewelry before going certain places

Leave your jewelry at home when traveling to certain countries (and certain cities in the US). It is even best to leave your jewelry at home or take it off prior to going to the beach, gardening, doing plumbing work, working out at the gym, and countless other activities that may make it easy to damage or lose the jewelry.

Keep a file of all your jewelry

Include pictures, receipts, certificates, and appraisals to act as proof of your Augusta jewelry insurance policy. It would be wise to also keep a copy of this information in a safe deposit box.

About Provident Protection Plus

At Provident Protection Plus, we have served the businesses and residents of New Jersey, New York, and Pennsylvania for more than 65 years. We are a wholly-owned subsidiary of Provident Bank, the region’s premier banking institution, and we are prepared to offer you personal, business, employee benefits, and risk management solutions. To learn more about our coverage options, contact our specialists today at (888) 990-0526.