No one would like losing a piece of jewelry that she worked so hard to possess in the first place. If you have spent thousands to buy jewelry, you would very much like to keep it for a long time, and even want to pass it to the next generations. Yet, nobody really thinks about insuring their jewelry while buying it and until something bad happens to it.
Imagine getting yourself a 5k+ dollars piece of jewelry. You try it on, love it and want to use it for special occasions. One day, you casually go to your workplace and have your routine, yet when you come back home you realize that a burglar broke into your house. That piece you bought a day earlier is now gone, and no one can guarantee to find it again. In that case, you would wish that you’d insured your precious accessories but now all you have is that a lost 5k dollars.
If this scenario sounded awful, now you might be thinking about insuring your precious jewelry. Not only you can get it covered in the occasion of theft but also, with the right insurance plan, the coverage plan will assure you of multiple kinds of losses such as suspicious disappearance, fraud, fire and loss during a natural disaster.
Moreover, with the right insurance plan, your jewelry will be protected no matter where you are living or traveling to and in whatever way it is damaged.
What Is Jewelry Insurance?
A standard insurance plan for landlords covers assets such as jewelry, antiquities, and works of art. Nevertheless, most of the policies that we see only cover valuables up to a limited price. Typical policies are usually pretty small, at around $1,5k for burglary, for example.
You can always improve the insurance threshold, but what you can argue for personal items and general damages is still very limited. Yet, there are very qualified insurance firms that can guide you through this process, and not leave you empty-handed.
Why Would You Need Jewelry Insurance?
First, if you are a person who cares about the safety of her properties, you might be already insuring what is essential for you. If you already have a close connection with insurance companies, if you are trying to protect everything as possible, do not skip insuring your jewelry.
A responsible individual is aware that financial hardship may arise and she may face difficulties at any time. Therefore, try to secure yourself before such bad situations occur.
Second, if you’ve been engaged recently, you must have realized how expensive an engagement ring can be. Most of the times, expensive gemstones such as diamonds are preferred when buying engagement rings; so you’ll be losing a lot of money as you lose your ring.
Imagine that you suddenly lost your engagement ring while dealing with the already expensive wedding expenses and many details about the wedding. Are you going to deal with the guess list, florists, designers who make your dress, or are you going to go door-to-door to find a ring again?
In any case, even if such an occasion does not occur on the eve of the wedding, your ring may disappear at any moment. Instead of dealing with such a financial crisis, the most sensible option is to have your ring insured.
Third, those who love traveling should pay more attention to safeguarding their jewelry. If you travel too often and most of the times in a hurry, you’re more likely to lose your jewelry. Also, depending on where you are going, you might be facing theft at the airport.
Someone can steal your jewelry when you do not expect it at all. The person who steals your jewelry may be a luggage attendant, or a stranger stealing your whole baggage while you are not looking. All in all, you never know where the danger may arise.
Fourth, some people can be pretty clumsy. One common feature of clumsy people is that not only they can accidentally harm themselves but also they may damage their property and other stuff around.
If you are a clumsy person and are afraid of damaging or losing your precious jewelry, please check your insurance options.
Fifth, people who have to do a lot of physical activity due to their job can unintentionally damage the jewelry they carry.
Sixth, if you have a family heirloom to protect, you should definitely have jewelry insurance. Consider the number of relatives who will be upset when you lose the engagement ring left from your deceased grandmother. No one would like that even a bit unless they hated your grandmother deeply.
Feel free to insure the jewels that are of spiritual value to you. These jewels have a priceless value and must be protected for generations.
Seventh, jewelry may be purchased not only for ornamental purposes but also for investment purposes. Having a private collection of jewelry that can be found very difficult in the market can enrich you later. If you have such pieces of jewelry, losing or damaging them may affect you financially. In this context, it is still an advantageous option to insure your jewelry.
Eighth, you can also have your jewelry insured if you have naughty children, pets who think that every item is a toy, or if you have a roommate who tends to take your stuff without permission.
If you see precious pieces of jewelry crying out for help in your dog’s mouth or on your child’s dolls, you can revise our advice.
Ninth, sometimes your insurance may not fully cover your jewelry. Some insurance companies may set an upper limit for jewelry, and if the value of your jewelry exceeds this limit, the distress begins there. If you have too many precious jewels, you are probably exceeding this upper limit. In such cases, you can talk to your insurance company and reorganize your policy or you can apply for whole new jewelry insurance.
How Can You Protect Your Jewelry: With or Without An Insurance
Even if you were able to buy precious jewelry on time, your budget may not always be enough to insure them. In this case, you should be more careful when it comes to protecting your precious pieces of jewelry, and there are some things that you can practice to do that:
1-You should check your jewelry regularly for any damage. You should check whether the frame is dirty or not. From time to time, you can take your jewelry to a place that cares for jewelry.
2-Make sure your jewelry is not loose. If your jewelry is too big or too loose, you may guess that the risk of dropping and losing them increases.
3-Instead of using your jewelry in a scattered way, get items such as jewelry boxes and jewelry holders. You can arrange your long-chained jewelry such as necklaces with wall jewel holders. Also, you can choose to store your relatively small, ring-like jewelry in a box. More importantly, you should arrange your earrings, one of the jewels with the highest probability of disappearance, very carefully.
4-Don’t take your expensive and precious jewelry with you everywhere. Especially when traveling, you do not have to bring a piece of your exclusive collection of jewelry to impress others.
5-Maintain all the related information about your gemstones in a folder. The photos, receipts, certificates, and assessments should be included in this folder. Maybe this does not guarantee the safety of your jewelry directly, but it would be good to show the police that the jewelry retrieved was actually yours. It wouldn’t harm to also maintain the duplicate in a secure storage cabinet.
The Best Jewelry Insurance Companies
According to the Balance.org, there are five best jewelry insurance companies listed for the year 2019. These insurance companies are known for their reliability and all of them are listed at least A level according to their financial strength. If you have valuable jewelry you need to safeguard, you can trust these five companies listed below. All in all, they all present different policies and you are as free as a bird when it comes to choosing which service you desire.
Jewelers Mutual Insurance Company
Jewelers Mutual is a jewelry insurance company that has been operating since 1913 and has an award from A.M which certifies an A+ work. The American Gem Society, The Jewelers of America, the Canadian Jewelers Association, Jewelers Vigilance Canada, Jewelers and Suppliers of America and the Jewelers ‘ Security Alliance have endorsed this company for its work.
Jewelers Mutual provides insurance plans for private and corporate property. The prior insurance plan includes robbery, loss, harm, and disappearance. Moreover, the Jewelers Mutual Insurance Group’s personal insurance provides global coverage which means that wherever you travel to, and wherever the damage is made, this insurance plan will cover it.
The latter, Business Jewelry Insurance Policy for corporate property offers 3 different policy options for businesses:
1) Jewelers Block and Jewelers Standard Policy: Crimes, transport and travel risks, fire and natural disasters are included in this plan.
2) Businessowners Policy: This policy covers liability-related risks as well as damage caused by crime, fire, and natural disaster.
3) Commercial Umbrella Liability Policy: This comprehensive policy covers bodily injury, property damage, personal injury and advertising liability.
Lavalier has a renowned title in the jewelry insurance business and has an A.M. Best A+ Excellent ranking thanks to its financial power. Lavalier offers jewelry coverage that takes into account all kinds of risks. This implies that losses of any kind are protected unless expressly barred in the terms and conditions of policies.
It includes robbery, damages and “strange disappearances” and includes new items you buy until you have the opportunity to attach it to your plan. The protection includes faulty fabricants, deliberate loss or impairment, nuclear threat, and conflict. As you can see, the Lavalier all-risk policy has a rather extensive approach for the protection of jewelry and includes only very few exceptions. This can give you the comfort that no matter what you claim is, the insurance company will most likely to cover that.
Lavalier will pay you for the replacement or repair money if any damage occurs to your jewelry, or it will directly cover the value of your jewelry in accordance with the coverage limit that was ensured in your policy declaration.
This insurance company has coverage limits up to $50k. If you have jewelry whose value is higher than this amount, you can contact the related representatives and ask whether it is possible to get a higher coverage limit. Another great aspect of this insurance company is that their coverage is worldwide, therefore wherever the damage occurs, the company will cover it anyway. And, the coverage is worldwide.
JIBNA Personal Jewelry Insurance
This insurance company, JIBNA (Jewelry Insurance Brokerage of North America), offers a wide range of private jewelry coverage and they are active in all U.S states. Even though this company is smaller than the ones I mentioned earlier, they are still qualified as A-rated company by A.M Best due to their financial stability. Unlike Jewelers Mutual Insurance Company, JIBNA does not offer jewelry insurance to businesses but is only concentrated on personal insurance for private identities. It also provides sportsmen and proficient entertainers with jewelry insurance.
When it comes to the process of how you insure your jewelry, first JIBNA requires the original receipt of your jewelry, the appraisal and a photo of the jewelry. If you are not able to provide these items, a JIBNA official helps you find and organize them. If you have already got your appraisal from a professional expert, you get a discount on your policy plan. Moreover, you do not have to renew your appraisal each year, as JIBNA already has a system to define the value of your jewelry through their reliable software.
After you are all done with it, you are now benefitting from this insurance company. In the cases of loss, you file in the necessary documents and your claim will be processed within the next 2 months.
Chubb insurance company is the highest-ranked company comparing to others I mention in this blog post. They are rated A++ thanks to their financial strength and stability by A.M Best. This makes Chubb one of the most trustworthy insurance companies that you can rely on. Chubb offers two types of policies: a stand-alone policy and a scheduled floater added to the landlord’s overall insurance plan. The prior plan does not provide global deductible protection. It covers most cases of loss, no matter what happened. If your loss is due to inflation, they may add up to 1.5x of the value of your jewelry to the policy plan. They do not require an appraisal if the value of your jewelry is less than 100k dollars. If your jewelry is new, you can get it covered for 50k dollars up to 3 months.
You can be paid $5k in compensation for lost, robbed or unplaced pieces of jewelry if you choose the latter option. This is made possible by adding an article floater to your Chubb homeowner’s policy.
The Nationwide insurance company is one of the best in the United States. By A.M Best, they are listed as A+ Superior companies which are very strong financially. Nationwide offers you the possibility of adding your expensive possessions to your landlord’s or renter’s insurance plan. These plans usually cover up the value of your jewelry up to a certain limit; yet, if the standard coverage limit does not suit you, Nationwide offers an additional endorsement which is called ‘Valuables Plus.’ This does not only covers new pieces of jewelry, but also some antiques and valuable artworks.
If you do not have too many pieces of expensive jewelry, you may not need separate jewelry insurance. Instead, you can add your jewelry to your homeowner’s insurance plan with a Valuable Plus endorsement.
What Type of Jewelry Should Be Insured?
You should get your valuable pieces of jewelry insured first. If they are not of much value, it does not make sense to spend more than its worth. Yet, what is valuable is discussible. For instance, you might have a ring which was given to you by a loved one, and which does not make a lot of money when you count it in dollars; but it might carry a profound emotional value.
If we are talking about its financial value though, it should be expensive enough to worth the insurance money. All in all, no matter how you decide its value, if it’s valuable in your eyes, you can insure it.
How Do You Do Your Jewelry Insurance?
Jewelry insurance works in a similar way to other insurance policies you may have. Since it is specifically designed for jewelry, it will generally cover more than a landlord or tenant’s insurance policy.
The process works like this: You get a bid from an insurance company before you purchase it, just like in any insurance policy. You can begin with a projected price. When you are prepared to purchase, you must evaluate your bid to ensure that it is right and your guarantees are adequate.
Depending on the scope of the purchase, this process can be done either before or shortly after. The evaluation confirms the value of this product. Such an evaluation enables both you and the insurer to feel at ease, and you have enough safety when repairing or replacing missed, harmed or robbed gems.
Try to make sure that you know the range of the proposition precisely. You know how insurance companies can get, so it’s better to be as informed as possible to avoid possible inconveniences.
Does It Cost Anything to Get Your Jewelry Evaluated and Who Can Do It?
The appraisal can only be given by professional jewelry experts, who surely knows the value of your piece of jewelry. They do not only provide the current worth of your jewelry (market value), but they also include a comprehensive overview of the jewelry in the report.
Depending on the age of your jewelry, you might be asked for some payment to get the appraisal. If your jewelry is a new piece that is on the market, the appraisal usually comes as you buy it. Therefore, you will not have to pay for anything. Yet, if you want to get your old jewelry, something like a family heirloom, then you may have to pay to the expert for his service.
What is important here is that you need to find a good jewelry expert who is officially qualified to make the assessment. If the person is somehow corrupted the appraisal may not project the real value of your jewelry.
What Does A Standard Jewelry Insurance Cover?
A standard jewelry coverage will include accidental damages, loss, and robbery. If you need more than that, excellent insurance with a comprehensive cover will additionally contain the cases of mysterious loss.
If you need a repair or exchange of an insured jewelry product, your insurance plan should enable you to work with your choice of jeweler whether it is a local jeweler or someone from a catalog of trusted jewelers.
How Much Should Jewelry Insurance Cost?
Jewelry insurance costs can differ depending on a variety of variables like where you reside (country), the quality of the piece of jewelry that you insure and the insurance firm that you prefer. However, in general, the cost of jewelry insurance vary between 1% to 2% of your jewelry’s value.
What If The Jewelry Is Already Under A Certified Guarantee?
The jeweler who sold you the jewelry will most probably provide you a certified guarantee during the purchase. Yet, guarantees can be tricky. They are not as comprehensive as insurances and may be valid for only a very short time. Most of the times they do not even cover losses, theft and accidental damages. Therefore, they are not as reliable as insurances and certainly not a long-term solution to your jewelry protection issue.