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Do I Need Jewelry Insurance?

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Do I Need Jewelry Insurance?

Whether you just received a stunning engagement ring, or you finally purchased those emerald earrings you’ve been eyeing, keeping your belongings safe is of the utmost importance. Valuable possessions, especially precious jewelry, should be insured so you don’t need to panic in the event of items being lost or damaged. The types of jewelry that are most often put under jewelry insurance include wedding bands, engagement rings, diamond rings, watches and antique jewelry. If you’re unsure whether you need to insure your ring, watch or other accessory, ask yourself the following questions:

  • Am I afraid to wear jewelry because I could lose it?
  • Can I cover the cost if my jewelry gets lost of stolen?
  • Will I have to settle for a replacement?

All jewelry insurance policies pay out when jewelry is stolen or damaged while some policies will pay out if you lose jewelry.

What Can I Expect to Be Covered by Jewelry Insurance?

As mentioned, you will need to invest in extra coverage to insure lost jewelry is covered. Theft, of course, is covered up to a certain limit so if your jewelry is worth much more, it’s time to consider additional coverage. Jewelry insurance also covers damaged jewelry such as bent prongs or missing stones.

Where Do I Buy Jewelry Insurance?

Most homeowner and renter’s insurance companies do provide coverage for jewelry of up to $1,500 but if you don’t have either, you can add jewelry insurance. There are several types of coverage you can choose from – scheduled floater, rider or endorsement. Through these policies you can itemize specific jewelry; please note, these insurance policies have a high coverage limit compared to your typical homeowner or renter’s insurance policy.

A jewelry-only insurance company offers a stand-alone policy but if you work with a company that specializes in jewelry insurance, you’ll most likely receive more comprehensive coverage.

What Do I Need to Get My Jewelry Insured?

Ready to insure your jewelry? Make sure you have the original receipt and certifications if you have larger gemstones. Additionally, you’ll need an appraisal from a certified appraiser who will photograph your jewelry. Getting an appraisal is crucial as this is the only way to know the exact value of your jewelry. Since the value of jewelry and gemstones increase annually due to inflation alone, keep in mind that you will need to get an appraisal revised for Items already insured every 3-5 years, so you won't be underinsured if there's a loss.

Do I Need Jewelry Insurance for Gifts?

If you’re purchasing jewelry as a gift, you’ll need to make sure it’s insured. Once you give the gift, cancel the insurance coverage. The receiver of the gift should purchase insurance immediately.

Purchase Jewelry at Bostonian Jewelers

At Bostonian Jewelers, our expert jewelers have years of experience providing customers with one-of-a-kind pieces. From custom designed engagement rings to vintage jewelry restoration, we’re your one-stop-shop for jewelry in Boston, MA. If you’re in the process of insuring jewelry and need it appraised, don’t hesitate to contact us!