Here’s What You Should Know

Jewelry is often a treasured item, whether it’s an heirloom or a recent purchase. It can be expensive and of great sentimental value, so it’s important to protect your jewelry with the right insurance policy. Jewelry insurance covers many damages that aren’t typically covered by standard lifetime warranties, such as loss due to theft or accidental damage. Knowing what jewelry insurance covers and how much coverage you need will help ensure that your valuable pieces are protected in case of any damage or loss. In this blog, we’ll discuss why jewelry insurance is important, what it covers, and how to choose the best policy for your needs.

Jewelry insurance provides financial protection for valuable pieces of jewelry and watches. Depending on the policy, coverage may include theft, accidental damage, loss in transit, mysterious disappearance or disappearance due to a criminal act, fire, earthquake, and other natural disasters. Jewelry insurance policies may also cover the cost of replacing lost or stolen stones, as well as the cost of repairing damaged jewelry. When selecting a policy, it’s important to consider what type of coverage is best for your needs and budget.

When shopping for jewelry insurance, it is important to consider the coverage limits and deductibles of each policy. The coverage limit is the maximum amount that your policy will cover in the event of a claim. Make sure to choose a policy with an appropriate coverage limit for the value of your jewelry. Be sure to read the policy closely and ask questions if you’re unsure of any details or coverage limits.

By understanding what a jewelry insurance policy covers, you can make an informed decision about which policy best meets your needs. With the right insurance policy in place, you can rest assured that your valuable pieces of jewelry are protected from damage and loss.

Let’s take a look at the main types of jewelry insurance!

Homeowners Insurance

An average homeowners insurance policy will cover jewelry, to an extent. Generally, these policies have a limit of $1,500 on theft or loss of jewelry, watches, and gemstones. If your jewelry is worth more than this, you’ll probably want to invest in an additional plan with more coverage.

Rider

A rider or a floater is additional coverage added to an existing homeowners insurance policy, which covers items not covered under your homeowners insurance. Typically, a deductible isn’t applied to this type of insurance. If you go with this type of plan, you will need to create an itemized list of pieces and have them professionally appraised. At Pinetree Jewelers, we can help by appraising your pieces for your insurance provider. Be sure to have your pieces appraised regularly, as their value can change over time. It’s recommended that you do this every 2-3 years. 

Stand-Alone Jewelry Policy

Stand-alone jewelry policies are available from companies who specialize in jewelry insurance, and they may provide more coverage than a floater policy. Beyond that, because this type of policy is not tied to your homeowners insurance, it will not affect future home insurance rates. 

No matter the type of policy you choose, it is important to keep detailed records of your jewelry pieces and their value. Receipts for purchases, appraisals from professionals, photographs, and a written inventory can help ensure that your policy is accurate and up to date.

Jewelry insurance is an important way to protect your valuable pieces from damage and loss. With the right coverage in place, you can rest assured that your jewelry is safe and secure should anything unexpected happen. By understanding what jewelry insurance covers and how much coverage you need, you can make sure that all of your treasured pieces are protected for years to come!