Jewelry insurance is insurance for your jewelry. That’s it. ‘Nuff said. We’re kidding, of course. Jewelry is expensive and, like all other very costly things, it’s worth insuring. Now, basic renters insurance or homeowners insurance come with some bauble coverage. But those policies have limits when it comes to pricey items that tend to go missing — ahem, jewelry — in order to keep premiums down. So, if you’ve got a box full of diamond earrings, gold chains and platinum anything— or you own the Heart of the Ocean — jewelry insurance is an option.
You can buy it as a stand-alone policy or via a special jewelry rider, sometimes referred to as scheduled personal property or valuable items coverage, for your renters or homeowners insurance. But keep in mind that a stand-alone policy will cover you in more situations, like loss (whoops), and for a higher dollar value.
Jewelry insurance reimburses you if a precious piece gets lost, stolen or damaged. Some policies also cover your jewelry should it straight up disappear. Plus, you could get coverage for pre-emptive repairs, like stone tightening, restringing, re-posting, re-pronging or re-clasping.
Non-jewelry! (Sorry, couldn’t help ourselves.) Actually, coverage varies widely, but some commonly excluded “perils” — as they’re known around these parts — include intentional loss (‘natch), civil seizure, gradual deterioration and damage caused by vermin, insects or rodents.
A few other things worth noting about jewelry insurance: Some policies stipulate you get your pieces repaired or replaced with certain service providers. And coverage generally applies to “scheduled” jewelry — items you’ve formally listed on a policy and set a limit for. You can also buy bulk coverage for unscheduled jewelry of lower value. In any event, it’s important to read the fine print of any policy before signing up for one.
That depends on how much jewelry you own and how attached you are to it. These days, for instance, it’s fairly commonplace to insure wedding or engagement rings, given their sentimental value. In terms of dollar amounts, per the Insurance Information Institute, basic renters or homeowners insurance generally limits coverage of theft to around $1,500 and reimbursement for individual pieces to about $2,000. So, if your jewelry is worth more than that, a rider or jewelry insurance is worth looking into.
Again, that’ll depend on how much jewelry you need to insure, but expect a policy to cost 1% to 2% of your pieces’ total value. Keep in mind, jewelry insurance is largely customizable, so you can select what items to schedule, what limits will apply to each and how much of a deductible you’re willing to pay (on individual items or in general) to arrive at a desirable premium.