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10 Reasons to Insure Your Jewelry

10 Reasons to Insure Your Jewelry

People love their jewelry. Men and women alike often take pride in the collection of rings, necklaces and watches they accumulate over the years. Some pieces may be passed down from family members, while others are bought from stores or at auctions. Many pieces are only worth sentimental value, but others can be extremely valuable depending on what they are made of and if they contain precious stones or expensive metals.

Pear Shaped Diamond Engagement Ring

Insuring your jewelry is a wise move, especially if you have amassed a large collection of pieces. The top 10 reasons for insuring your jewelry are:

  • Fire – Fire can damage almost anything in some fashion. It can melt softer metals and discolor precious stones.
  • Theft – Jewelry boxes and their contents are possibly the most common items taken in home burglaries.
  • Damage – Accidents happen and jewelry can be bent or damaged in a variety of ways.
  • To determine value – An insurance company will have items appraised before writing a policy or including the pieces in an existing one. An appraiser will determine each piece of jewelry’s value as well as give an estimated cost to have it replaced.
  • Photographic record – Insurance agents recommend their clients create a photographic inventory of everything within their home that is to be included in an insurance policy, this includes jewelry. If a piece is lost or destroyed, the photograph can be used to create a duplicate piece. If it is stolen, the photograph can add police in its recovery.
  • Third party record – When an insurance company writes a policy on a home inventory, a detailed list is created of every item that is included and expected to be covered. Homeowners are expected to keep a record, as well as the insurance agent. The insurance company will also have a record. Even if two of the lists are lost, damaged or stolen, the third one will be kept at a third location and, hopefully, will be in tact.
  • Verify authenticity – One thing an insurance appraiser will do as part of their job is to verify the origins and value of the piece in question. If it is authentic, it will be valued as such and you will be provided with documentation to support their findings..
  • Prevent fraud – Insurance companies that have insured certain pieces of jewelry can help prevent fraud by providing accurate information, photographs and other documentation if items are stolen or if they are reported stolen and reappear after being sold.
  • Establish ownership – Before an insurance company can insure a high dollar piece of jewelry, they may choose to establish ownership. This kind of information can be extremely helpful if a person passes away without a Last Will and Testament.
  • Peace of mind – Lastly, insuring your jewelry gives you peace of mind. It lets you know that if the jewelry is ever lost, stolen, destroyed or damaged, you will not incur any type of financial loss.

Protecting your jewelry with adequate insurance coverage is easy to accomplish. It can be added as existing inventory to a homeowners policy or added independently


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