Jewelry Insurance: Why You Need It and How to Get It

Jewelry is one of life’s simple pleasures. The sparkle of a diamond, the warmth of gold, and the artistry of a well-crafted piece can bring joy for years to come. But jewelry is also an investment, sometimes worth tens of thousands of dollars. That’s why having proper jewelry insurance is so important.

Jewelry Insurance: Why You Need It and How to Get It

What is Jewelry Insurance?

Jewelry insurance is a policy designed specifically to cover loss, theft, or damage to your jewelry and watches. It works similarly to other insurance policies – you pay a premium and are covered up to the limits of your policy if something happens to your valuables.

Jewelry insurance can be purchased as part of your homeowners or renters insurance. However, this basic coverage usually only provides limited protection. Jewelry is often subject to low sub-limits, like $1,000 or $2,000. Plus, many homeowners/renters policies only cover jewelry while it’s on your premises, not when you wear it out of the house.

For complete protection, purchasing a standalone jewelry insurance policy is your best bet. This provides more comprehensive coverage options without low sub-limits or premises-only restrictions.

Why Do You Need Jewelry Insurance?

There are several key reasons why jewelry insurance is a wise investment:

  1. Protect Against Theft

Jewelry is a prime target for thieves. In 2020 alone, over $800 million in jewels were stolen in the US, according to the Jewelers’ Security Alliance. Having jewelry insurance ensures you won’t take a massive financial hit if your valuables are stolen.

  1. Safeguard Against Loss

It’s easy to lose track of a ring or a pair of earrings – they’re small and we wear them everywhere. With insurance, you won’t lose sleep if your jewelry goes missing, whether it’s due to misplacement or mysterious disappearance.

  1. Cover Accidental Damage

Accidents happen, even with precious gems and metals. Jewelry insurance protects against unintentional damage like chipping, cracking, or breaking.

  1. Pay for Repairs

From loose stones to bent prongs, repairs can be costly. Jewelry insurance footing the bill means your treasures can be restored to their original beauty.

  1. Replace Destroyed Items

Fire, natural disasters, plumbing leaks – if catastrophe strikes your home, jewelry insurance has your back to replace unrecoverable items.

  1. Cover Mysterious Disappearance

Jewelry insurance even covers you if an item vanishes into thin air with no explanation. No need to prove theft occurred.

  1. Pay for Replacements at Today’s Values

Jewelry often appreciates in value over time. Jewelry insurance will pay to replace items at current market prices.

What Does Jewelry Insurance Cover?

Jewelry insurance policies offer varying types and levels of coverage. But in general, a comprehensive policy will include:

  • All types of jewelry items – ranging from fine jewelry to costume jewelry.
  • Loss, theft, accidental damage or mysterious disappearance.
  • Worldwide coverage – items are covered at home or while traveling.
  • Repair or replacement cost reimbursement.
  • Newly purchased items may be added anytime.
  • Items may be insured on an agreed value or replacement cost basis.
  • Additional riders are available for coverage during high-risk activities like travel or water sports.

Be sure to discuss your specific jewelry and coverage needs with an agent when purchasing a policy. This ensures you get the right plan.

How Much Does Jewelry Insurance Cost?

Just like other insurance, jewelry insurance premiums are based on a range of factors such as:

  • Value of items to be insured
  • Geographic location
  • Type of jewelry
  • Deductible amount
  • Extent of coverage sought

In general, expect to pay approximately 1% to 3% of the total value of items to be insured per year. You’ll also select a deductible, usually around $250 to $1000. Higher deductibles mean lower premiums.

Work with an insurance agent to get quotes for your particular pieces. Be sure to reassess coverage needs periodically as your collection changes.

Where to Buy Jewelry Insurance

You can purchase a jewelry insurance policy from:

Specialty Insurers

Companies like Jewelers Mutual Insurance Group offer jewelry-specific insurance. This brings product expertise. But premiums may cost more than from a general provider.

Homeowners/Renters Insurance Carriers

Big insurers like State Farm, Allstate, etc. Commonly offer jewelry insurance add-ons. This offers convenience, but fewer specialty options.

Independent Agents

Working with an independent agent allows comparison shopping among multiple carriers to find the best rates. Make sure to ask about jewelers insurance expertise.

When choosing where to purchase coverage, it’s wise to inquire about financial strength ratings and customer service reputation as well. You want to be sure your provider will deliver if you ever need to file a claim.

Tips for Getting the Most from Jewelry Insurance

Follow this advice to make sure your jewelry insurance coverage works for you:

  • Document your items – Keep descriptions, photos, appraisals and receipts for all jewelry updated and organized. This speeds the claims process.
  • Review policy annually – Notify your provider of new acquisitions and ask if you need more coverage. Also update appraised values.
  • Take valuables to the jeweler annually – Have items cleaned, inspected and repaired. Get appraisals updated. This demonstrates responsible ownership.
  • Discuss loss prevention – Ask your jeweler and insurer for advice about protecting your particular types of jewelry. Follow their guidance.
  • Learn about your policy – Don’t assume you know what’s covered. Read the fine print! Call with any questions.

Jewelry insurance lets you fully enjoy wearing and owning special treasures without fear. Make sure this important coverage protects your distinctive jewels.


Jewelry insurance safeguards what is often a major financial investment and treasured personal possession. Comprehensive policies provide peace of mind by covering loss, theft, damage and more. Do your research to find the right coverage. Then relax and proudly wear your insured jewels every day.

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