Whether you’re sporting a new engagement ring, a luxury watch, or recently inherited a traditional ruby bracelet, there’s one important thing to know: Your homeowner’s or renters’ insurance probably won’t adequately cover your new jewelry.
Home and renters insurance policies can provide some coverage, but it is usually a fairly small amount. Per-item and per-collection limits often apply in standard property policies, and you may still have to pay a hefty deductible if you haven’t covered your jewelry.
Fortunately, you can purchase additional coverage to help you repair or replace your valuables if something unexpected happens. Here’s what you should know about jewelry insurance, how it works, how much it costs, and whether it’s worth it for you and your treasured items.
What is jewelry insurance?
Jewelry insurance can compensate you for the cost of repairing or replacing covered pieces if they are lost, damaged, or stolen. It comes in two forms: as a backup to your existing homeowners insurance or as a stand-alone policy.
Adding an endorsem*nt to your homeowner’s insurance typically involves contacting your insurance company, appraising your jewelry, and increasing your coverage accordingly. The only downside to going this route is that if your covered jewelry is lost and you file a claim against your homeowner or renters policy, your premiums could increase.
You can also purchase specialized jewelry insurance coverage through an insurer such as BriteCo or Lavalier. Different jewelry insurers have slightly different rates and exclusions, so comparing options is essential if you’re considering a standalone policy.
How does jewelry insurance work?
You will typically need to have your jewelry evaluated before you can get coverage, whether you choose to add a rider to your homeowners insurance or purchase specialized insurance. Some insurers offer in-house appraisal services, but you may need to find an appraiser independently using a resource such as the American Gem Society or the National Association of Jewelry Appraisers.
Getting an appraisal will ensure you understand the value of your jewelry so you can get the right coverage. Once you’ve obtained coverage, you may need to re-appraise it every few years as the value of your jewelry can fluctuate over time. That said, some specialist insurers offer automatic valuations as an alternative to reassessments. With automatic appraisal, the insurance company will automatically update the appraised value of your piece over time.
If your covered item is lost, stolen, or damaged for a reason that is not excluded by your policy, you can file a claim with your insurer for reimbursem*nt. The claims process can vary by insurer, but you can often file claims online or over the phone. Your insurer will then evaluate your claim to determine its validity and, if approved, will reimburse you for the cost of repairs or replacement.
What does jewelry insurance cover?
Jewelry insurance generally covers damage or loss and will usually cover you no matter where you are in the world, even if you opt for an endorsem*nt to your homeowners insurance. So if your engagement ring is stolen or you lose it while on an international honeymoon, your insurance will likely cover that loss. The same thing will probably happen if it is damaged in some way.
Your insurance may also cover lost gems, but it’s essential to check before choosing a backup or standalone policy. Ask your agent or investigate possible exclusions.
Joe McAlpine, agent with American Family Insurance, shares: “Let’s say you’re diving in Cancun and your diamond falls off your engagement ring but you don’t lose the actual ring. Chances are your insurance will still cover the lost stone, even if you still have it. the ring itself.”
How much does jewelry insurance cost?
The cost of jewelry insurance also varies depending on the insurer. But as a general rule, it amounts to about 1%-2% of the appraised value of an insured piece. Here’s a quick look at the potential cost of insuring a $7,500 women’s engagement ring with specialized coverage in Boston, Massachusetts:
| Insurer | Annual cost |
| BriteCo | $114 |
| gem shield | $78-$94, depending on deductible amount |
| Jewelers mutual | $84-$114, depending on deductible amount |
| tie | $88-$113, depending on deductible amount |
Adding an endorsem*nt to an existing homeowner’s insurance policy to cover your jewelry will likely increase your premiums slightly, although it’s difficult to provide accurate cost data because homeowner’s insurance costs vary widely depending on the location of your home and other factors.
Is jewelry insurance worth it?
If you own a valuable piece or collection of jewelry, it might be worth getting adequate coverage. Your standard homeowners or renters policy is likely insufficient. Independent jewelry insurance generally has a nominal cost relative to the value of the insured items. The protection it provides can help ensure that you can repair or replace your jewelry if it is damaged for a covered reason, stolen, or lost.
Jewelry Insurance FAQs
Where can you get your jewelry appraised for insurance?
Some specialist jewelery insurers offer in-house valuation services, so you may be able to have your jewelery valued through your insurance company. But this is not always an option. If you need to have your pieces appraised on your own, you can find an appraiser near you by searching a trusted site like the American Gem Society or the National Association of Jewelry Appraisers.
Should I insure my engagement ring?
“Jewelry insurance probably makes sense if your engagement ring is valued at more than $1,000,” McAlpline says. “A simple gold ring can be worth more than what standard homeowners insurance covers, so it’s important to make sure you’re financially protected if you lose or damage your ring.” The bottom line is that insuring your engagement ring or wedding set is generally a smart move.
How much are jewelry insurance deductibles?
Your deductible will vary depending on the insurer. Some jewelry insurers, such as Jeweler’s Mutual, offer flexible deductibles ranging from $0 to $5,000 for an engagement ring with an appraised value of $7,500; others, like BriteCo, do not require any deductible. Comparing options can help you find the deductible that makes the most sense for your situation.
Food to go
Jewelry insurance provides valuable coverage, whether you have a new engagement ring or have recently inherited a high-value necklace or bracelet. You can opt for a rider to your existing homeowners insurance or a stand-alone policy for coverage. While this insurance costs money, it is usually not expensive. For this reason, it is often worth purchasing. Comparing coverage and getting quotes from different insurers can help you find the best policy for your needs.
