What Are Good Insurance Options for Your Fine Jewelry?

Buying a piece of jewelry involves a significant amount of money. We all know that jewelry is not cheap, especially if you are planning to buy a piece with a precious stone on it. Losing or damaging it could mean a huge financial loss. The damage will affect the jewelry’s value. You’ll end up being regretful and thinking about the money that you will never have the chance to recover.

That is when a jewelry insurance policy comes in handy. It protects your investment and gives you peace of mind. There’s nothing more satisfying than knowing that everything will be fine even if you accidentally lost or damage your item. It’s important to get the best coverage to avoid any problem in the future.

When choosing the right type of insurance for your fine jewelry, it’s better to add a policy to your existing home insurance even if the latter already has comprehensive coverage. Home insurance only covers specific scenarios, such as being damaged due to a leaking roof.

However, accidental damages, such as dropping your jewelry in the sink, are more likely to happen, and most home insurance policies will not cover this scenario, among many others. It is best to talk to your insurance company about the inclusions and exceptions before buying an insurance policy for your jewelry.

Cost of Premiums

If you own 14K solid gold anklet and want to have it repaired, a separate jewelry protection insurance policy could be a better option than filing a claim against your existing home insurance. Jewelry protection insurance lets you bring your precious item to your preferred repair shop. In case of stolen items, your insurer may replace it with the same kind and quality. This is good coverage since jewelry items are prone to robbery.

Those who wish to add a floater to their home insurance should expect to pay between 1% and 2% of the jewelry’s value. For instance, an engagement ring worth $10,000 could require you to pay between $100 and $200 in premiums per year.

Engagement Insurance

Insurance for engagement rings isn’t uncommon since owners want to be sure that they would still have a wedding band on their wedding day. Some people buy insurance especially if they own an antique ring as an heirloom. It gives them the assurance that they will be wearing their rings when the big day comes.

Some jewelry insurers require no deductible for their policies while also offering full coverage for an item and even cash settlement for lost or damaged rings. This means you can get a certain amount when something bad happens. You can use the money to buy a replacement or to finance another purchase or project.

Most insurers consider precious items and valuables as high-risk properties, which means they could be easily lost or stolen. You shouldn’t expect to recover the full amount even if your claim is valid, which is why adding a floater to your home insurance or buying an extra policy is a better alternative. Stay informed, so you can gain peace of mind and get what you deserve.


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