The Gift of Jewelry

Whether it’s a gift from someone or a gift to yourself, new jewelry can bring some sparkle to your life.

However, many people who find themselves victimized by burglars—or worse, a fire or some other disaster—find out too late that they didn’t have enough insurance to replace their jewelry.

Homeowners policies typically only cover valuable items such as jewelry up to a specific amount. There may be other issues as well, like whether your policy covers each individual piece of jewelry at a set amount or provides coverage for your collection as a whole.

This may sound complicated, but it’s really not—especially when you work with an independent agent who can explain your options and make sure you get the right coverage. Here are a few things to consider:


  1. Do you need more coverage? Look at your policy or ask your agent to see what your coverage amounts are. Do you have one or two expensive pieces, or a number of smaller items that when added together exceed your limits?
  2. What kind of coverage should you get? This depends on your lifestyle. You may want to consider whether items are covered no matter where they are (such as if you travel internationally). You’ll also want to ask about actual cash value versus replacement value, and if you would be required to actually replace the jewelry in the event of a loss or if you could just keep the cash payment.
  3. Do you need an appraisal? In some instances, an insurance company will require you to get a piece appraised to determine its value.
  4. Do you have items with mainly sentimental value, or ones that are irreplaceable?If so, you might not need to purchase any additional insurance at all. But we recommend talking to your agent before making that decision.
  5. Do you have pictures? This doesn’t necessarily have to do with your insurance, but jewelers often are able to recreate lost or stolen pieces with the help of a photo.


Whatever you choose, remember you play an important role in keeping your jewelry protected, too: Be sure to store it securely, having the right coverage is great—but it’s even better when those special pieces stay with you and your family for years to come.