5 Jewelry Insurance Questions to Ask Your Agent Right Now

Why think about jewelry insurance in the summer? Family vacations can be the time when parents or grandparents hand down their heirlooms to children or grandchildren. Make sure this valuable jewelry—and your own gems, including your wedding band and engagement ring— are protected from “oopsies.” This is a great time to examine, or reexamine, your jewelry insurance policy—start by asking your agent these questions:

1. Do I really need more than my homeowner’s policy?

If your fine jewelry is worth more than about $1,000, then you probably do. Ask your agent about your jewelry insurance policy’s limits.

6. Is my jewelry only covered for theft?
   What happens if your emerald earrings get chipped? Or a stone gets loose and falls down the sink? A standalone policy may be able to help you cover all these situations. Ask your agent to explain all the scenarios where your jewelry is covered.
7. What if I can’t pinpoint where I lost my jewelry?
   In the business, this is called ”mysterious disappearance.” Not all jewelry insurance policies cover it, but it’s one of the most common reasons a claim is filed. Ask your agent if your policy covers it.
8. I just got a piece of jewelry that’s been in the family for years. How do I insure it?
   Losing a family heirloom can be worse than a piece of jewelry that you bought yourself. The sentimental value can’t be replaced, but if you insure the heirloom, at least you can recover its current market value. Get it appraised, and ask your agent about any special jewelry insurance coverage you’ll need.
9. Can I just use my receipt for insurance?
   Your receipt shows only what you paid, along with a brief description. Even if it’s accepted by your insurance company, you may not get the full replacement value in case of a loss. A certified appraisal will include a photo, and describe the piece in extensive detail—stone measurements, clarity, and color—quality and value. With this information, you can get the original item replaced with a similar one.
10. What’s the difference between replacement and reimbursement?
    If you lose a Tiffany ring, will you be able to get the same type of ring as a replacement? According to the American Gem Society, it depends on your policy. Your homeowners’ policy may make you use a particular jewelry repair or replacement company. If your policy says it will be replaced with “same kind and quality,” you stand a better chance of getting the jewelry you want.

If you need to reinsure your jewelry, start with an updated appraisal. Call me and let’s get started!

Brilliantly yours, Aimee