Insuring jewelry is as simple as gathering quotes from specialty jewelry insurers, getting your piece appraised if needed, and then purchasing a policy with terms that cover your collection.
Knowing how to get jewelry insured is critical if you own any number of valuable pieces. Whether you’ve recently purchased an engagement ring or another precious item, or you’ve been growing your collection for years, jewelry insurance coverage ensures that it’s all protected in the event of damage, theft, accidental loss, and more.
Here’s everything you need to know about how to insure your jewelry, including:
- What jewelry insurance policies cover
- What to expect in regards to jewelry insurance cost
- Why you shouldn’t rely on a standard homeowners policy to protect new jewelry
Plus, discover the best jewelry insurance for your unique needs.
What You Will Learn
- What Is Jewelry Insurance?
- How Does Jewelry Insurance Work?
- How to Get Insurance on Jewelry
- How Do You Make a Claim on Your Jewelry Insurance Policy?
- How Is Jewelry Insurance Different from a Renters Insurance Policy or Homeowners Insurance Coverage?
- Are Jewelry Warranties the Same as Jewelry Insurance?
- The Real Cost: How Much to Insure Jewelry
- How to Insure Valuable Jewelry FAQs
- How to Get Insurance on Your Jewelry with BriteCo
What Is Jewelry Insurance?
Jewelry insurance companies offer specialized coverage that uniquely protects valuable pieces from frequent occurrences, including stolen jewelry, damaged jewelry pieces, and jewelry losses due to mysterious circumstances.
Your coverage options may include protection for an entire jewelry collection, or you might choose to purchase just enough coverage for one special piece, such as with engagement ring insurance.
How Does Jewelry Insurance Work?
While it’s always dependent upon your provider, your jewelry insurance policy will typically give you the full replacement value of your piece in the event it’s damaged, lost, or stolen.
Jewelry insurance will typically cover a full replacement or repair if:
- You accidentally damage your jewelry
- It’s mysteriously lost and you have no idea where it went
- Your collection is stolen at home or while you’re traveling
If any of these instances occur, you can then make a claim. The only instance in which your jewelry insurance policy may not offer coverage is if it was determined you intentionally damaged the piece, or if it was damaged under unique circumstances, such as military combat.
How to Get Insurance on Jewelry
Wondering how to get jewelry insurance? First, you’ll want to shop around for quotes from various insurance companies. When you settle on an option you like, you can purchase a policy with either an annual or monthly payment plan.
Whereas you might need to work through an insurance agent to buy homeowners or renters insurance, you can easily buy jewelry insurance online on your own, after comparing and contrasting rates at different provider websites. The entire process requires minimal time and effort.
One thing you should do first is have the jewelry appraised, which helps determine its current value. If you choose BriteCo, getting an appraisal is easy with our online appraisal process. Otherwise, you can find an option near you through the National Association of Jewelry Appraisers. To complete the process, you may need to provide certain documentation, such as proof of purchase or a gemstone grading report from an organization like the American Gem Society.
How Do You Make a Claim on Your Jewelry Insurance Policy?
To make a claim on a BriteCo jewelry insurance policy, log onto the website and provide documentation related to the claim, such as a photo (if available) and paperwork. From there, you’ll be reimbursed the full cost of replacing or repairing the piece of jewelry, and BriteCo will work with a trusted jeweler if you do not have a preferred one.
For all other insurance providers, you’ll want to check your policy contract to learn more about how to submit a claim.
How Is Jewelry Insurance Different from a Renters Insurance Policy or Homeowners Insurance Coverage?
Specialized jewelry coverage differs from both homeowners and renters insurance in that it offers broader coverage to protect the full value of your jewelry, rather than a partial value and/or limited circumstances.
On the other hand, a renters or homeowners policy will only cover a portion of your jewelry’s value — up to around $2,000 in most cases. Additionally, these policies only cover circumstances such as fire or burglary. They don’t protect against accidental damage, mysterious loss, or theft that may happen away from home.
For example, if your $20,000 luxury watch is stolen from your home, after you pay a deductible, you’ll get up to $2,000 to put towards a watch replacement. That leaves you out-of-pocket for the other $18,000. Even worse, if your watch is irreparably damaged or stolen while traveling, you’ll be out-of-pocket for the entire replacement cost.
Are Jewelry Warranties the Same as Jewelry Insurance?
No, jewelry warranties are not the same as jewelry insurance. Warranties only cover the cost of necessary repairs related to a manufacturer’s defect. In contrast, jewelry insurance will cover jewelry replacement and repair for nearly any reason.
The warranty that came with your jewelry purchase might cover things like:
- Clasp replacement
- Stretched pearl strands
- Stone tightening
Additionally, jewelry warranties typically only last a year or two, and can be easily voided if you don’t take care of your jewelry and don’t have it frequently inspected or taken in for preventive maintenance.
The Real Cost: How Much to Insure Jewelry
While the cost of watch and jewelry insurance is relative to the appraised value of your item, you can expect to pay around 1–5% of that value per year for a policy. So if you paid $10,000 for a piece of jewelry, you’ll pay between $100 and $500 for coverage every year. Both annual and monthly payment plans are typically available.
The low cost absolutely makes jewelry insurance worth it. For potentially just a few hundred dollars per year, or less than $10 per month, you’ll get peace of mind that your jewelry is protected for a vast array of circumstances.
How to Insure Valuable Jewelry FAQs
Why Is a Homeowners or Renters Policy Not As Good As Jewelry Insurance?
The blanket coverage offered by your homeowners policy has significant coverage limits and will typically only cover jewelry if it’s stolen or damaged as part of a covered event, like a fire or burglary. Additionally, the policy won’t cover the actual value of your piece, unless you buy additional coverage or itemized coverage. Furthermore, making a jewelry-related claim can make your home insurance premiums go up.
Who Sells Jewelry Insurance?
You can find insurance plans from jewelry specialists such as BriteCo, Jewelers Mutual, and Chubb.
How Can I Keep My Jewelry Safe Without Jewelry Insurance?
Until you purchase jewelry insurance, consider keeping your jewelry safe by investing in a home security system, or keeping your jewelry tucked away in a safe deposit box or bank vault.
What Does BriteCo’s Jewelry Insurance Include?
When you buy BriteCo’s comprehensive coverage, your jewelry is automatically covered if it’s accidentally lost, stolen, or there’s a mysterious disappearance.
How Much Will Jewelry Insurance Cost?
Jewelry insurance will cost 1–5% of your items’ total value, per year, which is oftentimes available with monthly payment options. At this low price, you’ll get more coverage than you would from a homeowners or renters policy, and full peace of mind that your pieces are always protected.
How to Get Insurance on Your Jewelry with BriteCo
Now that you know how to buy jewelry insurance, you can secure your BriteCo policy by filling out our quick and easy quote request — and then enjoy same-day coverage. Your policy covers loss, mysterious disappearance, theft, accidental damage and more, all around the world and with zero deductibles, so you’re protected no matter what happens.
Get your BriteCo jewelry insurance quote now.
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The Easy Way to Insure Your Jewelry - and Save Money!
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