5 Simple Steps to Insure Your Fine Jewelry

Whether it's an engagement ring, a family heirloom, or a cherished gift from someone special, fine jewelry holds sentimental value to us. Insuring these irreplacable pieces not only gives you peace of mind, but also protects against accidents. In this guide, we will explore easy steps to get your fine jewelry insured and highlight why this protection is so important.

Step 1: Assess Your Jewelry's Value

Knowing the value of your jewelry is the first step in getting it insured. At Dauvi, we provide an appraised value for every piece priced at or above $1000, as long as it doesn't include heirloom stones in the design. Otherwise, you'll need to Google the nearest certified appraiser to have your jewelry properly appraised.

A comprehensive appraisal typically ranges from $50 to $200. The appraised value can greatly affect your premium, making it a worthwhile investment to find out what kind of coverage you need.

Step 2: Research Insurance Options

When insuring jewelry, we recommend a specialized jewelry insurance provider like Jewelers Mutual, because they cover loss and theft without large deductibles. Alternatively, you can see if your homeowners or renters insurance policy covers jewelry, but be sure to look for high dedubctibles and limitations.

Step 3: Compare Policies

Once you’ve identified insurance providers, compare their policies. Look for coverage details such as loss, theft, and accidental damage. Pay attention to deductibles—some plans might offer low or even no deductibles for jewelry claims. Also watch out for exclusions. Some policies might not cover certain types of damage or specific situations, like mysterious disappearances that aren't explained. This step ensures you find the right policy that aligns with your needs and budget.

Step 4: Gather Necessary Documentation

To secure your insurance policy, gather essential documentation. This typically includes:

• The appraisal report or receipts of purchase

• Detailed photographs of your jewelry

  
  

Having this information organized will help you speed through the process and secure the best coverage. A detailed appraisal can enhance the accuracy of your coverage, ensuring you are compensated fairly in case of loss.

Step 5: Review and Update Regularly

Even after insuring your jewelry, continue to review and update your policy to reflect changes in your jewelry's value. For example, if your jewelry appreciates by 10% due to market changes, adjust your insurance coverage accordingly. This practice ensures you're always adequately protected.

Why Jewelry Insurance is Crucial

1. Protection Against Loss or Theft

Having insurance offers a safety net against loss or theft, allowing you chance to replace it without the financial strain. Notably, claims for lost jewelry has increased by 15% in the last two years.

2. Coverage for Damage

Jewelry will inevitably suffer from everyday wear and tear. Whether it's a scratched stone or a broken clasp, having insurance means you can get repairs or replacements. The average repair cost for a damaged ring is around $200, making insurance a practical choice, especially for pieces worn daily like wedding bands and engagement rings.

3. Peace of Mind

Knowing your valuable pieces are protected allows you to enjoy your jewelry without constant worry. Whether you're attending an event or simply wearing your favorite necklace for dinner, you can feel safe knowing you're covered if something happens.

Take Action to Protect Your Treasures

By following these five simple steps, you can ensure your cherished pieces are protected against loss, theft, or damage. Whether you choose a specialized jewelry insurer or rely on your homeowners or renters policy, it is crucial to select coverage that best fits your needs. Take the time to insure your jewelry today—it's a decision you will appreciate for years to come!