Skip to main content

Jewelry Insurance


You might be surprised to learn that your homeowner's or renter's insurance policy probably does not offer full coverage for your engagement ring and other fine jewelry. Your insurance policy probably covers jewelry theft, but not loss that occurs for other reasons.

Typical 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--$500 is common.
Does your insurance policy cover jewelry loss for reasons other than theft--such as for lost or damaged items? 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 insurance for your fine jewelry, but be sure to ask your agent questions so that you have a good understanding of the coverage:
  • Is there a deductible? If so, how much is it and how does raising or lowering the deductible affect your 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 they take place? Would the policy cover you for a loss that occurs during domestic or international travel?
  • Are items covered for full replacement cost? Must you replace the item, or can you obtain a cash settlement?
  • Does the policy cover repairs to damaged jewelry?

Jewelry Insurance Options

The Chubb Group
provides insurance specifically for jewelry. The company offers policies through independent insurance agents and jewelry retailers. Here's a brief description of Chubb's engagement ring policy guidelines:
  • 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 a 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.
Jeweler's Mutual
Jeweler's 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.

Comments

Popular posts from this blog

Diamond Jewelry Online Buying Tips

When it comes to diamonds, there are numerous scams to avoid. Most scams are minor, but there are some major ones that come up from time to time concerning the buying and selling of diamonds. With all of the potential for scams concerning diamonds, buying diamonds online almost seems unthinkable! However, you actually can purchase diamonds online, without any problems – as long as you are careful.First, think about your reasons for wanting to purchase the diamond online, as opposed to making a purchase from a local jewelry store. The most common reason is price. Due to low overhead costs, online jewelers and wholesalers are able to offer lower prices. However, you must be careful – sometimes a price that is too low is a sure indication of a scam.One of the best things about purchasing online is the unlimited selection. When shopping offline, you are limited to the selection in the stores in your general area. Online, there are no limits. But again, you must use a great deal of care and...

Carat Weight of a Diamond

This is probably the most common criteria shoppers are aware of. The carat weight of a diamond is simply the weight of the diamond. A carat is a unit of measurement and 1 carat is equal to 200 milligrams or 0.2 grams. Hence a 1.25 carat diamond will weigh 250 milligrams. The value of a diamond comes partly due to the fact that larger diamonds are found far less often than smaller diamonds. This means that the price of a diamond will increase exponentially as the carat size of the diamond increases. All other things being equal, a 2 carat diamond will always be worth more than two 1 carat diamonds. The most common size of diamond that Novori sells is between 0.6 carats and 1.25 carats in size. This range of diamond has the best size for value ratio and is easily fitted in most pieces of jewelry. The size or carat weight of a diamond cannot be used alone to determine the value of a diamond. A large diamond will not be as valuable if it does not show good color, a fine cut or excellent cl...

The Gemstone And Their Meanings

In most traditional relationships, women expect their man to give them gifts of jewelry , and the men do so. Today, more women are paying special attention to giving jewelry to their men than ever before. Giving jewelry to your spouse or romantic partner has always been a popular gift. Often holidays like Christmas, anniversaries and Valentine’s Day prompt men to run to the jewelry store for something shiny and expensive. Imagine how much more valued this gift would be if given without a major holiday attached to it. Why not give your partner jewelry for no particular reason, other than love? Diamonds are always popular when it comes to choosing jewelry, other gemstones or simply silver and gold can be just as popular. You probably know that each month has a gemstone that represents it, and those gemstones each have a symbolic meaning. If you really want to blow your partner away, select your jewelry for it’s significance to a particular month (birthday or anniversary ...