Jewelry insurance – How it works, what it covers, and top companies

Engagement rings, heirloom jewelry, and wedding rings are all items that we hold incredibly dear. While we often store these in a safe in our house, we might lose them in the event of a theft or house fire. Hence, taking the right precautions to protect them from harm is essential. This can include taking out jewelry insurance that ensures all-around protection of these valuable items.

How jewelry insurance works
Most homeowners in the country opt for a home insurance policy. While this policy can be used to pay for jewelry repair or replacement after a house fire, it provides limited coverage of up to $1500. In addition to jewelry, this amount can be used for watches, furs, and semiprecious stones.
On the other hand, jewelry insurance provided by specialized companies can provide more comprehensive coverage compared to a home insurance policy. For instance, they can help cover preventive maintenance measures such as clasp replacement or stone tightening. Further, they also pay for any jewelry pieces lost in floods, earthquakes, and other scenarios listed in the policy.

What it covers
In most cases, separate jewelry insurance can cover loss, theft, and damage. So, for better clarity, here is a list of kinds of jewelry that are covered by separate jewelry insurance:

  • Earrings
  • Brooches
  • Bracelets
  • Necklaces
  • Tiaras
  • Antique or heirloom jewelry
  • Watches
  • Wedding bands and engagement rings

While specialized companies cover the items mentioned above on an “all-risk” basis, they may not pay for the damage caused by scenarios not mentioned in the policy. This comprises wear and tear, intentional loss or damage, manufacturer defects, and damage caused by rodents and vermin.

Need for jewelry insurance
There can be various reasons why one may need jewelry insurance. A few reasons are listed below:

  • Protection against theft
    If one keeps jewelry pieces in their house, they must keep in mind that these pieces can be easily lost or stolen. According to statistics, in 2021, the nationwide rate of property crime in the country was 1,993.4 per 100,000 of the population. In such cases, predictably, the most heavily stolen commodities are diamonds and other pieces of jewelry. Hence, one can opt for jewelry insurance to offset any heavy losses. This can also help one feel at ease during such difficult times.
  • Increased protection compared to warranties
    Typically, warranties cover the cost of repairing manufacturing defects in jewelry up to a certain limit. This means that they can only cover repair costs related to workmanship. So, if damage has been caused to the piece of jewelry due to the owner’s negligence, it will not be covered under the warranty. In such cases, one can easily cover the cost of damage using jewelry insurance and even protect it from further harm or loss.
  • Cataloging the jewelry and its value
    Knowing their worth can be handy in cases where one has received specific jewelry pieces as a gift or as an heirloom. When one opts for jewelry insurance, they are persuaded to uncover previously unknown information about the property. This can include its composition, age, appearance, photographic records, purchase price, and current value. The information mentioned above is helpful during legal proceedings and audits.
  • Provides more protection
    As mentioned previously, standard homeowners’ policies have a cap on the coverage amount. So, if one owns jewelry worth more than $1500, the coverage provided may fall short. Moreover, the insurer will subtract the deductible from the claim payout. If one has $1,500 worth of jewelry stolen and has a $1000 deductible, they may get only $500 in coverage from the insurance company. On the other hand, when an individual purchases separate jewelry insurance, they can safeguard their property even if the amount exceeds the home insurance limit.

Jewelry insurance companies to check out
Here are a few top jewelry insurances companies that one can check out:

  • BriteCo Jewelry Insurance
    This company offers cover for loss, theft, damage, and even the mysterious disappearance of insured jewelry. Furthermore, BriteCo even helps pay for maintenance services like stone resetting and prong re-tipping. Another feature that sets this jewelry insurance company apart is its policies’ lack of deductibles. That said, they cover up to $350,000 per customer and $150,000 per piece. In addition to the above, if an individual finds the item’s replacement costs more than expected, BriteCo will pay up to 125% of the item’s appraised value.
  • Jewelers Mutual
    Jewelers Mutual, founded in 1913, has more than a century of experience in the industry. Typically, its policies cover theft, loss, mysterious disappearances, damage, earthquakes, and floods. On top of this, the company may pay for preventive maintenance or repairs, such as restringing broken strands of pearls or fixing bent prongs. In most cases, Jewelers Mutual does not provide cash payouts. Instead, the payment is made to the jeweler of the insurer’s choice. Additionally, they provide discounts to customers so that they can avail themselves of home security systems, inscribe identification numbers on jewelry pieces, or invest in a safe deposit box.

Generally, stand-alone jewelry insurance costs 1% to 2% of the value of each item. But the policy’s price can differ depending on factors such as location, number of pieces, and the deductible amount.

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