How to Insure Jewelry

As far as sentimentality goes, you can never replace a lost wedding ring or grandma’s pearl strand. Financially, however, you can purchase a new piece to take the place of your valued item.

Determine Worth

In order to protect your property, you need to know what it is worth. Take your piece, or pieces, to a reputable jeweler for an appraisal. If you purchased the item new and it has a large stone, like on an engagement ring, the seller likely gave you a certificate stating the quality of the jewel. This is an assessment of the “4Cs” including color, cut, clarity and carat weight. This or a receipt may suffice for items costing less than $5,000.

For higher priced items, a formal appraisal may be needed to determine its value. The expert will look at the 4Cs, as well as the metal type, any identifying marks or stamps.

Choose an Insurer

An addition to your homeowner’s insurance policy may cover your items, but there are also companies that specialize in this type of coverage. The cost of a policy usually depends on the appraised value of your piece, whether you have a deductible, and sometimes even where you live.

When you insure your jewelry, you can feel secure knowing it can be replaced should it be lost, stolen or damaged. Take it to a reputable appraisal so you will be covered for the correct amount.

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