How to Insure Your Jewelry

When purchasing any kind of insurance product, the first step is always an objective assessment of the property you want to insure. Realistically, then, before insuring your jewelry, you should consider:

A. What are your needs?

Take stock of how much jewelry you have and what kind it is. Do you have a lot, but mostly it is pretty and fun rather than expensive? Do you have only a little jewelry, but the pieces that you own are very fine? Or are you a serious collector with buckets of bling? In each case, it is possible for you to get insurance that will help you in case something happens to your jewelry, but you need to be very clear on what you've got and have a good idea of what it is worth. How can you know for sure what your jewelry is worth? Having receipts is good, and when you get them, find a safe place to file them. Forever, if need be.  Also, taking photographs can help.  But, of course, for the best estimate, get a professional appraisal.

No, appraisals are not always required by your insurance carrier, but they are best way to prove the value of your baubles. Let’s say you are unfortunate enough to have a robbery or a disaster such as a fire. If you have only costume jewelry, photographs can prove what you had so that you can replace it. But if diamonds are your best friends, you will be better off with an expert evaluation that is put down on paper and added to your insurance file

Sometimes jewelers offer a day of free appraisals to bring customers into the shops. In the main, however, an appraisal will cost you money. Fees may vary from one jeweler to another, so ask questions. Make sure you know beforehand exactly what you will get for your investment.

B. What kind of policy will best suit your needs?

Most homeowner or renter policies cover personal jewelry items up to a certain level of value. Your deductible will apply. Above that, simple replacement can range from $500 for renter to $1000 for homeowner coverage. If you are a person who only has costume jewelry, that much money might be adequate.