How Do You Insure Jewelry?

When it comes to insurance, homeowner or renter’s insurance is the top priority. Often, jewelry insurance gets dismissed, or the least heard. But wouldn’t it be a nightmare to have your family heirloom or a piece of highly-valuable jewelry get lost or stolen?  For your peace of mind, consult insurance professionals who provider LA Jewelry Insurance to find out what your options are. We’ll give you an overview of the entire process in this article. 

How to get your jewelry insured

The standard homeowner or renter’s insurance policy has a low coverage limit for jewelry theft. Some policies even exclude jewelry, so you need to request it and have your premium adjusted. 

Jewelry insurance is often not a stand-alone product, but it can be purchased as an add-on to existing property insurance. This add-on is commonly referred to as a “rider” or “floater.” Having it added ensures your jewelry against fire, loss, theft, or damage.

Insurance coverage examples

The typical home insurance coverage includes jewelry loss due to fire and theft but not accidental damage or loss. It provides coverage for up to $10,000.00 but is still considered a policy deductible. If you need to have more coverage, a separate policy is required. Here are a few types you might want to explore:

Valuable Personal Property policy 

This type of policy offers broad coverage for incidents and accidents with a $0 deductible. The policy extends to musical instruments and fine arts too. No appraisal is necessary if the jewelry is insured for $15,000 or less, but they will require proof of ownership (i.e., receipt) when making a claim. 

What to ask – your first choice is not always the best.

Keep these questions in mind while looking at jewelry insurance options:

  1. Find out how they handle claims. What’s their process like? Do they send you a check, or do you have to file for reimbursement?
  2. Will they offer a full replacement cost? How do they determine the amount? 
  3. Does the coverage limit fluctuate along with the market price of precious metals and gems?
  4. How often do you need to submit an updated appraisal?
  5. Is proof of loss or damage required for submission?
  6. Which exclusion does the policy state? Which incidents of loss and damage are not covered in the policy?

If you want to be getting the most out of your insurance coverage, make sure that you are critical of the insurance companies you are considering working with. Remember that aside from making sure that your valuables are insured, you would want the process to work with you so that it’s hassle-free when it’s time to make a claim. 

Also, make it a habit to store jewelry receipts, pictures, videos, and appraisal paperwork. You might be needing them later on, so make sure it is in a place that will keep it safe and accessible. 

Is it really necessary?

Research well and review your options carefully. Don’t hesitate to ask questions so that you fully understand the policy limits and coverage. You might want to consider getting insurance for all your needs – home, life, and property insurance from a single provider so that you get applicable discounts. 

There’s also the option of finding a provider that specializes in jewelry. They will either give you reasonable discounts or recommend a provider who does. 

Nothing beats having adequate protection for your jewelry. When unfortunate events happen, you would want to be protected no matter what. Being insured gives you peace of mind. You can wear and enjoy your jewelry, knowing that whatever happens, you are insured.

About Arroyo Insurance Services

Arroyo Insurance Services was officially established in 1986, but we have roots dating back to before 1950. One of California’s leading client-oriented and independently owned agencies, we have over 140 employees with a combined experience of over 450 years, spread across 11 locations. We are committed to providing the best insurance and risk management services at the most competitive premiums, and backing it with hands-on service tailored to our customers’ needs. For more information on how we can mitigate your risks, contact us today at (877) 220-4769.