Insuring Your Custom Jewelry
A Smart Move for Your Peace of Mind
Fine jewelry is more than just a beautiful accessory; it often represents significant personal or financial value. Whether a cherished family heirloom, engagement or wedding jewelry, or a luxury item you purchased for yourself, protecting these treasures should be a priority. Insuring your fine jewelry is not only a good idea for peace of mind but also an aspect of responsible ownership. Coverage can be especially beneficial for items with intricate designs or high-value components.
Why Insuring Fine Jewelry is Crucial
Here are three great reasons you should insure your fine jewelry:
1. Financial Protection Against Loss or Theft
Life is unpredictable, and unforeseen events can pose risks to your fine jewelry. Jewelry can be lost or stolen despite your best efforts to safeguard it. Without insurance, you could face the full financial burden of replacing a valuable piece. Jewelry insurance acts as a financial safety net, covering the costs of replacement.
2. Coverage for Extreme or Abnormal Damage
Jewelry can be delicate, and even with the utmost care, it can become damaged. The cost of repairing damage from serious accidents like slipping down a garbage disposal or simple accidents like a cracked shank can be significant. Many insurance policies cover structural damage repairs, ensuring that you are not out-of-pocket for the fixes.
3. Coverage for Loss of Sentimental Value
Some policies offer additional coverage options for sentimental value. This type of coverage acknowledges the emotional importance of heirlooms and other treasured pieces, ensuring that even the personal significance of your jewelry is recognized and protected.
How to Insure Your Fine Jewelry
1. Choose the Right Insurance Policy
Insurance policies are not created equal. It is crucial to select a policy that provides comprehensive coverage tailored to your needs. Some homeowners’ policies might cover theft or damage to jewelry; however, they often come with limitations and may not fully compensate you for high-value items. Many homeowners’ policies only cover occurrences that happen in the home, so they will not protect your ring if it is lost or stolen while you are on vacation!
Specialized jewelry insurance providers offer policies designed specifically for high-value items. These companies typically offer “all risk” policies, meaning that there are not many exclusions. Any form of loss, damage, theft, or ‘mysterious disappearance’ is covered anywhere in the world. Insurers specializing in jewelry have the expertise to handle specific claims related to precious gems and metals, often have a more streamlined claims process compared to home insurance claims.
Our insurance company, Jeweler's Mutual Insurance (JMI), provides personal jewelry insurance. You can visit their website to learn more: Perfect Circle Insurance from Jewelers Mutual.
2. Get an Appraisal
Before purchasing insurance, have your jewelry appraised by a certified gemologist or appraiser. We can facilitate an independent appraisal for you before your ring is delivered (it only adds about a week to the overall process). The appraisal will provide a detailed description and current market value of your piece, which is crucial for setting the right coverage amount. Regular re-appraisals can help keep your insurance coverage in alignment as the value of your jewelry changes over time. We recommend re-appraisal every five years, but check with your carrier for the recommended frequency.
3. Document Your Jewelry
Keep detailed records of your jewelry, including photographs, purchase receipts, records of repairs, and appraisal reports. These records will be crucial in the event of a claim, helping to verify the item and its value.
Owning fine jewelry can be an emotional experience, and the thought of losing it can be distressing. With the right insurance policy, you can safeguard your jewelry against loss, theft, damage, and other risks, allowing you to confidently enjoy your fine jewelry, knowing that it is well protected.
