Jewelry Insurance
We represent companies that specialize in the jewelry business. Both have outstanding claims response.
- BriteCo
- Jewelers Mutual
- Lloyds
- Chubb
Carriers vary by location.
What is jewelry Insurance?
Jewelry insurance is a type of insurance policy that provides coverage for the loss or damage of valuable jewelry. It typically covers items such as engagement rings, wedding bands, watches, and other high-end jewelry. The policy may include coverage for theft, damage, and loss, as well as additional options such as coverage for mysterious disappearance or damage during travel.
The coverage limit for jewelry insurance varies depending on the policy and the value of the items being insured. It is important to have an accurate appraisal of your jewelry in order to ensure adequate coverage.
Many insurance companies offer this type of coverage as an add-on to a homeowners or renters insurance policy, but standalone jewelry insurance policies are preferable due to the possibility of claims raising your homeowners insurance rates.
Blue Paddle Insurance Agency can give you a free quote.
Buying jewelry is a pleasant and delightful experience, often filled with the sentiment and emotion that’s part of the occasion for the purchase. You want your jewelry purchase to be valued and treasured — and protected — for a long time, which is why jewelry insurance makes sense.
We believe that insuring your jewelry is a prudent decision. After all, you not only want to enjoy your valued treasures, but you also want the peace of mind knowing that they are properly insured. We can guide you in making decisions about purchasing jewelry insurance.
FAQ
What Does Jewelry Insurance cover?
Accidental Loss
Your ring fell into the lake, or you left it somewhere. Don’t panic. With Jewelry insurance, your jewelry is covered.
Everything from a ring falling down the drain to a dog eating an earring, we’ve heard so many ways you can lose jewelry!
Theft
If your jewelry is stolen, whether it be in a home break-in or while you’re wearing it on the street, it’s covered!
Did you know… the most common place jewelry is stolen is at your own home.
Disappearance
Sometimes jewelry just disappears- it could be lost, stolen or hanging out in a drainpipe somewhere. We realize you can’t always pinpoint how or where your jewelry disappeared, so we cover disappearance.
Did you know… most standard homeowner policies don’t cover disappearances?
Worldwide Travel
Are you a jetsetter? If your jewelry becomes lost or stolen during your international travels, don’t worry – you’re protected globally while traveling!*
With a typical homeowners or renters policy, your jewelry might not be fully covered if anything happens outside of the United States.
*Coverage is only available to residents of United States or Canada. Coverage not available in Quebec.
Normal Wear and Tear Repairs
Jewelry that’s loved is worn often and is likely susceptible to normal wear and tear. Something as simple as tightening loose stones could cost hundreds of dollars. With a Jewelry Policy, we cover the following normal wear and tear to make sure your jewelry is good as new:*
- Prong re-tipping
- Broken, worn or bent prongs
- Broken earring posts
- Clasp replacement
- Restringing of broken or stretched pearl strands
- Stone tightening
*Subject to availability, coverage may not be available on all policies.
Automatic Value Adjustments
IVA or Insurance Value Adjustments, is a complementary service, applied to the values of your jewelry to compensate for market changes in jewelry’s value. This helps lessen the impact of a loss but isn’t always enough. It is always important to get updated valuations from your jeweler to get the best protection.*
*Only applied when your item’s appraisal is older than two years at the time your policy is renewed.
What’s not covered?
There are a few unusual situations we don’t cover. Here are a few examples that you should be aware of.*
- War and military action
- Rodent and pest infestation
- Deterioration
- Intentional actions or voluntary parting
- Deterioration, resizing, cleaning and inspection
Why purchase stand alone jewelry insurance?
Purchasing standalone jewelry insurance is important because it provides unique coverage not offered by traditional home or renters insurance policies. Jewelry is often an expensive investment and standard coverage may not be enough to fully protect its value. Standalone jewelry insurance offers more comprehensive coverage against loss, theft, damage, or even mysterious disappearance.
Additionally, it covers the entire value of the jewelry, without a deductible, providing peace of mind that your investment is fully protected. Furthermore, standalone jewelry insurance typically offers worldwide coverage, which is important if you plan to travel with your jewelry.
In the unfortunate event that something happens to your jewelry, standalone jewelry insurance can help ensure that you are fully reimbursed for its value, allowing you to replace it and continue to enjoy its beauty and sentimental value.
Why do you need Jewelry Coverage?
Jewelry coverage is important because it provides financial protection for your valuable jewelry in case of damage, loss or theft. Jewelry is often expensive, sentimental and irreplaceable, making it crucial to have adequate coverage in case of an accident.
Homeowners and renters insurance policies typically have coverage limits for jewelry, which may not be enough to cover the full value of your collection. In addition, many policies exclude certain types of losses, such as loss or damage during travel or accidental loss.
Jewelry coverage can fill those gaps in coverage and provide peace of mind knowing your cherished pieces are protected. By adding jewelry coverage with Blue Paddle Insurance Agency to your insurance portfolio, you ensure that your precious items will be replaced or repaired without incurring significant financial losses.
How much does Jewelry Insurance Cost?
The cost of jewelry insurance varies depending on several factors, such as the value of the piece, its type, and where you live.
Most insurance companies will charge you anywhere from 1% to 5% of the jewelry’s appraised value. For example, if your engagement ring is worth $10,000, you may end up paying anywhere from $100 to $500 per year in insurance premiums. The cost may also be affected by additional coverage options, such as worldwide protection or scheduled coverage for individual items.
To get the most accurate idea of how much jewelry insurance will cost for your specific situation, it’s best to consult with Robert at Blue Paddle Insurance Agency LLC.