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The importance of jewelry insurance

Jewelry insurance blog image

Whether you’re newly engaged, celebrating a milestone anniversary, or the recipient of a Valentine’s day gift, insuring and caring for your jewelry is important.

While jewelry is created to bring enjoyment and happiness for a lifetime, it’s no different than our other possessions. Everyday wear and tear can cause damage to it, especially if you wear your jewelry all the time.

Most homeowners policies carry coverage limitations on personal property, such as jewelry. If your jewelry is valuable, it’s best to schedule it, or have it specifically itemized with a value on your policy.

Here are some tips to ensure your jewelry brings you lifelong joy and happiness.

Tips for protecting your jewelry from damage

1. Don’t expose your jewelry to chlorine or saltwater.

Always remove your jewelry when you’re on vacation or enjoying your hot tub or swimming pool. Chlorine, salt, and other minerals can react with the metal alloys causing damage.

2. Never put jewelry in your pocket.

While the intention of preventing damage to or loss of your jewelry is good, the outcome may be bad. If you’re traveling, pick pocketers are smooth criminals and may steal it without your knowledge. Or you may never remember what pocket you put it in. It’s best to store your jewelry in a safe place and one that you’ll remember.

3. Remove your jewelry before exercising.

Depending on the jewelry type, sweat can cause it to look worn out or possibly cause it to corrode. Also, unintentionally banging your jewelry on exercise machines and weights can cause scratches or bends.

4. Remove your jewelry before carrying out household chores.

Many cleaning products contain chemicals that can react with jewelry, causing damage. Avoid wearing your rings with rubber or latex gloves. Due to the extremely tight fit, prongs on a ring could be damaged, causing your stone to fall out. Outdoor activities that involve maintaining your property can cause your jewelry to encounter abrasive items such as dirt, rocks, or concrete.

5. Don’t apply lotion, makeup, or other products.

These products should always be applied before putting on your jewelry. These products can damage pearls and other fragile gemstones.

7. Don’t remove jewelry in the kitchen or bathroom.

A simple bump and your jewelry could be going down the drain.

8. Visit your jeweler regularly.

Not only will your jeweler give your jewelry a good cleaning, but they’ll also be able to inspect it for damage and fix it before it worsens.

Tips for insuring your jewelry

Call your agent to determine if your policy provides coverage or has high enough limits. A basic homeowners policy only covers damage to personal property due to the following perils: fire or lightning, windstorm or hail, explosion, riot or civil commotion, damage caused by aircraft, damage caused by vehicles, smoke, theft, vandalism or malicious mischief, and volcanic eruption.

If your jewelry accidentally goes down the drain and you have a basic policy, there will be no coverage.

You may be able to schedule jewelry items at a nominal premium charge with no deductible. You may also have the choice of scheduling your jewelry on a replacement cost or an agreed value basis.

If you have replacement cost coverage, your insurance company may pay the cost to repair or replace the damaged or lost property without factoring in depreciation. Please note that the amount paid won’t exceed the least of these amounts:

  • Replacement cost at the time of the loss
  • The total cost to repair at the time of the loss
  • The amount of insurance that applies to the property as shown on the declarations page of your policy

If you have agreed value coverage, each item scheduled on your policy is given a reimbursement amount. If you have a loss, that agreed amount will be paid to you.

If you have jewelry in your family that has been passed down to you, make sure you get it appraised. An appraisal will provide precise details about it. This will help you select the necessary insurance coverage you need.

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