What Is Jewelry Insurance?
Like other types of insurance for a boat or a car, jewelry insurance is a financial product that provides coverage for the item at hand. With jewelry insurance, you can pay an annual premium for a policy that protects your jewelry against damage or theft. Policies often have a deductible, but some jewelry companies offer this coverage with no required deductible.
Some jewelry insurance policies require an appraisal for covered items over a certain amount, such as $5,000. You’ll need to make sure all jewelry you purchase and want coverage for is ultimately included and outlined in your policy as a “scheduled item.”
Does Homeowners Insurance Cover Jewelry?
Homeowners insurance often includes a personal property component that includes jewelry. However, the way homeowners insurance is set up can make the coverage for jewelry less than optimal and expensive to use.
For example, many homeowners insurance policies come with a limit as low as $1,000 per item of jewelry. A homeowners insurance deductible might also apply, which could wipe out the value of the policy entirely.
This is why many consumers prefer to buy separate jewelry insurance coverage that is specific to their collection. They can purchase an amount of coverage that will make them whole in the event of a loss this way, and they can choose their deductible and other policy details.
What Does Jewelry Insurance Typically Include?
Before you purchase a jewelry insurance policy, you should know what is and isn’t included. Jewelry insurance typically includes any loss, including damage or theft. This can include a mysterious disappearance, which is any situation where your jewelry is suddenly missing without an explanation. Jewelry insurance does not typically include damage from wear and tear or intentional acts.
What Are the Expected Costs of Jewelry Insurance?
Most jewelry insurance policies tend to cost between 1% and 2% of the jewelry’s value in question. For example, an insurance policy to cover a wedding ring worth $10,000 could set you back between $100 and $200 per year.
Coverage can vary in terms of pricing and scope. If you choose a policy without a deductible and with full replacement value, you can expect to pay higher premiums.
How to File a Claim for Jewelry Insurance
The process involved in filing a jewelry insurance claim depends on where you purchase your policy. If you bought a policy through an agent, you’ll work with your agent to file a claim. If you purchased a policy online, on the other hand, you’ll likely be able to file your claim and provide the evidence and documentation required online as well. Most jewelry insurance providers also let their clients file claims over the phone.
Either way, you should expect to provide information on the date of the loss and what exactly happened to your jewelry. You will also need to provide your policy number, your name, and your contact information.
Your jewelry insurance company will investigate your claim, and you may be asked to answer some additional questions and provide more supporting evidence.
How We Chose the Best Jewelry Insurance Companies
To come up with the providers in our ranking, we considered a broad range of criteria. Transparency was considered first and foremost, and we gave preference to companies that highlight specific information about their policies online. We also gave extra points to providers who let you get a free quote online and without providing extensive contact information.
All of the policies that made our ranking include all major risks, including mysterious disappearances. You should check the wording on any policy you purchase so you’re clear on any specific exclusions that might apply.