Insurance

Insuring your jewelry, especially engagement rings and wedding bands, is highly recommended for several reasons. As with anything of value you want to have some level coverage in case the unexpected happens; loss, theft, or damage. This is especially true for engagement rings and wedding bands which are worn almost every day and have a higher likely hood of being misplaced, lost or damaged. While this may seem like a daunting task, applying for and receiving insurance is a very simple process. All you need is your jewelry appraisal (at Lauren B we provide appraisals on all pieces sold) to obtain an instant quote and get covered. Here are some tips to ensure that your precious jewelry is protected and properly covered if anything should ever happen to it:

Add it Existing Policy:

The first option is to utilize your homeowner’s or renter’s insurance by adding a jewelry endorsement, or “floater” to your policy. Where a typical policy will only cover around $1,000-$2,500 per piece of jewelry, adding an endorsement to your policy will cover up to the specified appraisal amount. This coverage typically costs around $150 annually per $10,000 worth of coverage, or around 1% of the appraised value. While this can often allow you to keep your insurance all in one place, and is affordable, some policies do not allow for this arrangement so please check with your provider. Many jewelry owners are unaware of this and left with disappointment in the event the unexpected incident occurs.

Dedicated Jewelry Insurance:

The other option is to ensure your jewelry through an independent jewelry insurance agency, such as Jeweler’s Mutual. This is an especially good option for those who do not have homeowner’s or renter’s insurance. Another benefit is that jeweler’s insurance allows you to choose your own jeweler, where most other companies require that you use a jeweler from their specified network. This coverage follows you worldwide and includes damage, theft, loss, mysterious disappearance, and same kind/quality replacement. A final advantage is that this type of coverage offers option of $0 deductible.

Deciding Between Them:

In our experience, we find that companies that focus solely on jewelry insurance are easier to work with. Because of their experience within the industry, they are faster to react, more knowledgeable in the field and work on the side of the client. We find that general insurers are not as compassionate towards the client and follow stricter guidelines when the time comes to execute the insurance. Lastly, Jeweler’s Mutual in particular, is very quick to offer you insurance and you can simply upload your appraisal to their website in order to start your coverage.

Any insurance company will require appraisals for each piece of jewelry, and must be updated every 3-5 years due to the ever-changing cost of gemstones and precious metals. Having your appraisals updated is also a good time for you to have your trusted jeweler examine your jewelry to ensure it is secure, clean, and properly cared for.