The Essential Guide to Insuring Your Precious Jewelry 

Fine jewelry, luxury watches, and other special pieces aren’t just accessories—they often represent significant investments or treasured family heirlooms. Beyond their financial worth, they hold deep sentimental value. Protecting these valuables with insurance is a wise way to safeguard both your assets and your peace of mind. Here’s a guide to insuring your jewelry effectively.

How Jewelry Insurance Works

Jewelry insurance is a specialized coverage that protects against loss, damage, or theft of your valuable items. Many wonder if their homeowners or renters insurance covers jewelry. While basic homeowners and renters policies may provide some coverage, it’s often limited. You can increase this coverage by adding a jewelry rider to an existing policy or choosing a stand-alone jewelry insurance policy. Although some jewelry retailers offer protection plans, these often come with limited coverage compared to dedicated insurance policies.

What Types of Jewelry Can Be Insured?

A range of jewelry types can be covered under insurance policies, from engagement rings and luxury watches to antique pieces, loose gemstones, and other high-value items. For exceptionally valuable pieces, it may be wise to seek additional coverage beyond a standard policy to ensure full protection.

Appraisals: Are They Necessary?

To establish the correct coverage for your jewelry, most insurers require a professional appraisal to assess its true value. Qualified appraisers, such as those certified by the International Society of Appraisers, can provide an accurate valuation of your items, ensuring that your insurance coverage matches their worth.

What’s Covered and What’s Not in Jewelry Insurance?

Jewelry insurance coverage can vary, so it’s crucial to review the details. Some policies offer replacement cost coverage, allowing you to replace a lost or damaged item at its full value. Others may provide actual cash value coverage, which accounts for depreciation. Be sure to consult with your broker to understand what your policy covers.

Typical coverage includes:

• Theft: If your jewelry is stolen, you can claim compensation for its value.
• Accidental Damage: Policies may cover repairs or replacements if your jewelry is accidentally damaged, such as a dislodged stone.
• Loss: If you misplace or lose your jewelry, the policy may cover its replacement.

Common exclusions may include:

• Wear and Tear: General wear from frequent use is often not covered.
• Mysterious Disappearance: Lost items with no clear explanation may not be eligible for coverage.
• Intentional Damage: Purposeful damage will usually not be covered by insurance.

Steps to Insuring Your Jewelry

To start insuring your jewelry, first obtain a professional appraisal and keep documentation of each item’s value. Remember that appraisals should be updated periodically to ensure your coverage reflects current market value. Consulting with an experienced insurance broker can simplify the process, helping you evaluate various providers, coverage types, deductibles, limits, and exclusions.

Reach out to a HUB insurance advisor with expertise in high-net-worth coverage to make sure your lifestyle is fully protected.