Common Jewelry Insurance Questions
How much is jewelry insurance?
Your jewelry insurance rate will depend on a few variables, like your location and item. However, in most cases, jewelry insurance will cost around 1-2% of your items value. For example, if your engagement ring is worth $10,000, your engagement ring could cost just $100/year to insure.
Is jewelry insurance worth it?
Whether or not jewelry insurance is worth it for you will depend on a few factors, including its financial and sentimental value. To help you decide, consider asking yourself the following questions:
- Cost: if you were to damage or lose your jewelry item, could you afford to repair or replace it out of pocket?
- Sentimental value: can you imagine living without the memories your item represents?
- History: has the jewelry item been passed down from generation to generation?
- Usage: do you wear your jewelry every day or is it usually kept somewhere safe?
Does homeowners insurance cover jewelry?
A standard residential insurance policy may provide some level of coverage for your high value items, but coverage limits are typically low and do not provide enough coverage for jewelry that is lost or damaged. In addition, filing a claim for a jewelry item may require a large deductible and could affect your rates at renewal.
What does jewelry insurance not cover?
Although your jewelry insurance policy will cover a lot, there are some situations that it won't cover, including war and military action, rodent and pest infestation, intentional actions, deterioration, resizing, cleaning and inspections.
