After you have spent time and money selecting and purchasing a special¬†piece of jewelry, you will want to protect it against jewelry theft, damage, and loss.
There are a few different options to consider when insuring your jewelry. Some options you have may include using your homeowners or renters insurance or attaining a separate insurance policy to specifically cover jewelry items.
Renter‚Äôs and Homeowner‚Äôs Insurance Policies
Renter’s and homeowner’s insurance policies set limits for the loss of certain categories of personal property, including jewelry. Homeowner’s policies typically pay a maximum of $1,000 for jewelry theft. A renter’s insurance policy might have a lower limit for jewelry loss, commonly $500. Another aspect to consider is that most policies also have deductibles of $250 or $500, which is first applied to an insurance loss.
You might be surprised to learn that many renter‚Äôs and homeowner‚Äôs insurance policies only cover jewelry loss as a result of theft and do not provide coverage for lost or damaged jewelry items. It is important to read your policy carefully and ask your insurance agent to clarify the types of losses that are covered on your standard policy.
Additional Jewelry Insurance
You can usually purchase additional or separate insurance for your jewelry through your homeowner‚Äôs and renter‚Äôs insurance, called a policy ‚Äúrider‚Äù. Be sure to ask your agent questions so that you have a good understanding of the coverage. Some questions that may be helpful are included below:
- Is there a deductible? If so, how much is it and how does raising or lowering the deductible affect my policy costs?
- Is an appraisal required prior to obtaining insurance? Are there only certain types of appraisers whose reports are accepted?
- Are the items covered no matter where the loss takes place? Would the policy cover me for a loss that occurs during domestic or international travel?
- Are items covered for full replacement cost? Must I replace the item, or can I obtain cash settlement?
- Does the policy cover repairs to damaged jewelry?
The rider is usually covered by a separate deductible that only applies to a loss of this kind of personal property, and it customarily covers for any type of loss!
Private Jewelry Insurance Options
The Chubb Group provides insurance specifically for jewelry. They offer policies through independent insurance agents and jewelry retailers.
Chubb’s jewelry policy guidelines are detailed below:
- Full coverage for the itemized amount shown on the policy
- No deductible
- Coverage applies worldwide for lost or stolen rings
- Replacement is not required, Chubb offers cash settlement. If you do replace the ring, you select the jeweler.
Chubb recommends an appraisal for all insured jewelry, but only requires an appraisal for items valued over $50,000. Chubb does not offer coverage for loose diamonds.
With a policy from Chubb, you can have the peace of mind to wear, use and enjoy your jewelry anywhere in the world. Your jewelry will be insured against most types of loss without a policy deductible.
Chubb provides some coverage for your new jewelry purchase, giving you time to contact your agent. And we make it easy by offering one of the most flexible appraisal requirements in the business.
Since 1913, Jewelers Mutual has been a leader in jewelry protection for jewelers across the country. They can¬†protect your personal jewelry, frequently covering jewelry insurance claims that homeowner‚Äôs insurance or renter‚Äôs insurance doesn’t. The standard homeowner‚Äôs policy provides only limited¬†jewelry protection,¬†often excluding breakage or loss.
Jeweler‚Äôs Mutual offers personal jewelry insurance that covers both repair and replacement. The policy is not available for unset stones, damaged items, or antique jewelry. An appraisal is required for coverage.
You may either insure your jewelry for full value with no deductible, or you may elect a deductible of up to $500, that will lower the annual premium by as much as 14%!
Jeweler‚Äôs Mutual Insurance provides¬†coverage for:
- Jewelry damage
- Jewelry loss
- Jewelry theft
- Mysterious disappearance
Jeweler‚Äôs Mutual insurance policy¬†offers jewelry protection with no deductible, unless you choose one, so if you experience jewelry damage or loss, you won’t have to pay out of your own pocket.
They offer jewelry repair or replacement for your lost or damaged jewelry¬†with items¬†of¬†same kind and quality, returning you to the same position that you were in before the loss.
Many homeowner‚Äôs¬†and renter‚Äôs insurance policies¬†force policyholders to use impersonal jewelry replacement companies for jewelry repairs and replacements or to obtain several estimates to cover their personal jewelry damage or loss.
With Jeweler‚Äôs Mutual jewelry insurance, when¬†you experience jewelry damage or loss on¬†a piece covered by your policy, you’ll¬†be able to work with¬†a jeweler of your choosing.¬†With Jeweler‚Äôs Mutual, you will only be required to attain one estimate, as opposed to other companies that require you to get several estimates.
When determining whether to insure your jewelry, you may want to consider that according to the U.S. Department of Justice; nearly $1 billion worth of jewelry is stolen each year. You can protect yourself from this risk with an insurance policy and have peace of mind knowing your jewelry‚Äôs value will be reconciled to you.