How to insure your jewelry

| February 16, 2019

Most people assume that their rings and necklaces are automatically covered on their homeowners insurance policy; unfortunately, that often isn’t the case.

Follow these four steps to make sure your jewelry is properly covered:

  • Give us a call
    Call us at 509-327-1658 and ask your insurance agent if you will need additional insurance for your jewelry. Your homeowners policy only covers valuable items up to specified amounts. Insurance policies vary, but the average coverage for jewelry generally extends to $3,000 for the combined value of your jewelry, capping individual items at $1,500. With the average engagement ring costing nearly $6,000, you may need a special endorsement on your homeowners or renters policy.

    Endorsements to your homeowners or renters policy typically cover you for "mysterious disappearance" of your jewelry or the loss of a stone from its setting - losses that wouldn't normally be covered. A jewelry endorsement 
    can be purchased per item, and it is specifically matched to the appraised value of each piece. And, unlike a homeowners policy, endorsements carry no deductibles, so there is usually no out-of-pocket expense to replace the item.

  • Keep your receipt
    Forward a copy of your store receipt to our agency so that we have a record of the current retail value of the jewelry. Store the original receipt in a safe place. Also consider getting a copy of the appraised value of the item.

  • If you received an heirloom piece, have it appraised
    Get your antique jewelry appraised for its dollar value, which ensures your valuables are properly covered in the event of a loss. A good appraisal will give specific details of the stone — such as weight, grade, measurements, diagrams of flaws, any chemical treatments to the stone and a photo of the item. Additionally, the appraisal will identify whether the diamond is synthetic.

  • Add your jewelry to your home inventory
    Take the time to create an inventory and photograph your jewelry. An up-to-date inventory of your personal possessions can help you purchase the correct amount of insurance and speed up the claims process if you have a loss. Better yet, lost or stolen pieces of jewelry can sometimes be recreated if the jeweler has a few good photographs for reference.

Need some help? Remember we’re here to help protect your valuables! Please contact us at 509-327-1658 if you’re interested in insuring your jewelry.