Research shows that 1/3 of jewelry owners will lose their jewels at some point, often due to theft. While many people include their jewelry under their homeowner’s insurance policy, it may not be sufficient to cover it depending on its value. Below are some additional facts regarding insurance and how it can be used to safeguard your valuables.

Where Can You Get Jewelry Insurance?

Those who seek this type of insurance should first check the policy of their renter’s or homeowner’s insurance. These policies will typically have a maximum amount that is covered in the event that jewelry is lost. Some policies provide no protection for these valuables, while others may cover up to $7,500. In other instances the policy will only cover the jewels if the owner can prove they’ve been stolen. Homeowners or renter’s insurance is not the best way to ensure high end jewelry, so should only be seen as a starting point.

For those looking to ensure expensive and rare estate jewelry, one option is to acquire the policy rider, one which is specifically designed to cover the item. Before this can be done, many insurance companies will want an existing appraisal prior to providing the insurance and quotes for this can differ considerably. The first place you should check for a quote is the holding company for your rental or homeowners policy. Then it is best to get two additional quotes, which can be accomplished through an insurance agent.

There are also companies that specialize in such insurance. These firms insure rare, high end jewels that are historically significant and which usually start in the mid five figures and extend into the six figure range and beyond. These insurers are often restrictive in the clientele they work with and they will insure a jewel for greater than its existing total value so that appreciation is factored in. Their policies may also be free of deductibles.

What To Do If Your Jewelry Is Lost Or Damaged

If you lose a piece of jewelry such as a wedding ring, the emotional pain can be significant. The good news however is that homeowner’s insurance will usually cover it, depending on how much you paid. However, some homeowner’s insurance policies will only cover jewelry that is stolen rather than lost, and if this is the case you may want to inquire about a supplemental policy.

A piece of jewelry which is damaged rather than lost or stolen may or may not be covered by homeowner’s insurance. When it comes to coverage it is important never to make assumptions, as this is an error which can prove costly. The good news for those who have damaged their jewelry rather than losing it due to theft or negligence is that most jewelers can repair certain types of damage. So you will want to check with them to have the jewelry inspected to see what can be done.