Jewelry insurance protects you financially if your pieces are lost, stolen, or damaged. For valuable items like engagement rings and fine jewelry, insurance provides peace of mind and protection for your investment.
Why Insure Your Jewelry?
Standard homeowners and renters insurance policies typically include some jewelry coverage, but the limits are often low — usually $1,000 to $2,500 total for all jewelry. If your engagement ring alone is worth $5,000 or more, your standard policy will not provide adequate coverage. A separate jewelry insurance policy or a scheduled personal property endorsement fills this gap.
Types of Jewelry Insurance
Homeowners/renters policy rider (scheduled endorsement): You add specific pieces to your existing policy with individual appraised values. This is often the most convenient option and may cost less since you already have the base policy.
Standalone jewelry insurance: Specialized companies like Jewelers Mutual offer policies designed specifically for jewelry. These policies often provide broader coverage, including mysterious disappearance (you lost it and do not know where), which standard homeowners policies may not cover.
What Jewelry Insurance Covers
- Theft: Your jewelry is stolen from your home, car, or while you are wearing it
- Loss: You lose a piece (policies with "mysterious disappearance" coverage)
- Damage: Accidental damage including stones falling out, impact damage, or fire
- Worldwide coverage: Most jewelry insurance covers your pieces anywhere in the world
Getting an Appraisal
Jewelry insurance requires a professional appraisal that documents the piece's value. A qualified appraiser will examine the piece, identify materials and gemstones, assess quality using industry standards (such as GIA grading), and assign a replacement value.
Appraisals should be updated every 3 to 5 years to reflect current market values. As diamond and precious metal prices fluctuate, your coverage should keep pace. Most appraisals cost $50 to $150 per piece.
Typical Insurance Costs
Jewelry insurance typically costs 1 to 2 percent of the appraised value per year. A ring appraised at $5,000 would cost approximately $50 to $100 per year to insure. This is a small price for the peace of mind of knowing your investment is protected.
Filing a Claim
If you need to file a claim, gather your documentation: the original appraisal, purchase receipt, grading report (GIA or other lab), and any photographs. File a police report for theft. Contact your insurance company promptly — most policies require reporting within a specific time frame.