The Family Jewels

Tips for the Accident-Prone Jewelry Owner

Posted on Tue, Feb 21, 2012 @ 11:19 AM

After purchasing a diamond engagement ring or other fine jewelry, it’s important to consider insurance to protect from loss, damage or theft. The last thing diamond buyers are thinking about when they walk out of our shop with their brand-new jewelry is losing the piece, but doing so could prevent a blow to the wallet in the future.

Typical Insurance Policies

Jewelry Insurance If you have renter’s or homeowner’s insurance, you most likely have some sort of coverage for personal property, which includes jewelry. However, these types of insurance policies probably do not fully cover your jewelry. These policies typically pay a maximum of $1,000 for jewelry theft, and this could be even lower for renter’s insurance.  It is also likely that these policies do not cover loss or damage at all. Read through your policy carefully to find out the types of losses that are covered on your standard policy.

Additional Jewelry Insurance

If you do not have renter’s or homeowner’s insurance or you are not happy with the coverage that either may give you, you can purchase additional insurance on that sparkler you just bought. Be sure to ask your insurance agent questions about the policy so that you know all of the details. Some things to keep in mind:

  • Is there a deductible?

  • Is an appraisal required?

  • Would the policy cover you for both domestic and international losses?

  • Are the items covered for full replacement cost?

  • Does the policy cover repairs to damaged jewelry?

Jewelry Appraisals

You might need to have your jewelry appraised before you are able to buy insurance. Jewelry Appraisals put a dollar value on your piece of jewelry. Also, appraisals are sometimes necessary when settling an estate or divorce.

Appraisals can be done on any item of jewelry, regardless of its composition. Because market values change, it is recommended that fine jewelry be appraised every two years. Made sure that you can trust the appraiser; ask for references and educational credentials.

The only thing better than enjoying your new jewelry from SH Zell and Sons is enjoying the peace of mind that comes with knowing you are protected in case of emergency. 

Tags: Jewelry