We spent 4 hours on the phone with different insurance companies to find out all the information that you should know when it comes to insuring your jewelry, so you don't have to! You're welcome.
Tip #1: Use "Standalone Jewelry Insurance," rather than adding your engagement ring to your homeowner's insurance. Why you ask? Filing a single claim on your insurance means that your monthly payment is going to skyrocket. In the event that you happen to lose your engagement ring AND your water heater breaks, having two claims basically means you're "uninsurable," according to multiple companies we've talked to.
Further, many homeowner's insurance policies only cover your jewelry in the event of a robbery. Standalone jewelry insurance will cover your jewelry for almost any case, including "mysterious disappearances."
Tip #2: DON'T wait to insure your jewelry. Insurance is inexpensive. Here are a few examples of the breakdown of costs for full coverage insurance on your jewelry. $10k value = $10/month; $20k value = $21/month; $25k value = $27/month
Tip #3: Get a jewelry appraisal, and make sure to update it every 5 years. A certified gemologist can appraise your jewelry for about $100-$200, depending on the item. (If you are in Orange County, The Jewel Princess currently offers appraisals at a special rate of $50! We also offer onsite services so you never need to part from your beloved jewelry). Having an up-to-date appraisal will ensure that if anything does happen to your jewelry, you will be able to replace it with no out-of-pocket costs, woohoo! An appraisal will have detailed information and photos of your jewelry that your store receipt often will not have--this is crucial information to insurance companies.
Although some insurance companies have the option for an "inflation rider" to account for inflation of goods over time, it is to your benefit to get your items reappraised to know their true value instead of an estimation. With this inflation rider comes a rise in your premium over time, so if the value didn't actually go up, you're paying a higher premium for nothing! A quick and easy appraisal can save you money in the long run, and many places offer discounts for doing multiple appraisals, or just appraisal "updates."
Tip #4: You can insure as much or as little of your appraised value as you want! You have options. If your grandmother's diamond necklace was appraised for $20,000, you can choose to insure it for $8,000. That means that your monthly premiums will be lower, and also that if you do happen to lose it, the insurance company will cut you a check for $8,000. If for some reason you have not heeded our first tip to get standalone jewelry insurance, you will need a jewelry appraisal to protect your jewelry through your homeowner's insurance. Most companies will cover items with a value of up to $3,000 to $5,000 without a formal appraisal being submitted. If you are expecting anything over that value (check with your specific company what that limit is for you, as it varies) to be covered, you NEED to submit an appraisal ASAP. It is as easy as emailing over a picture of it.
You can also opt for different deductible options which can raise or lower your premiums. Most people opt for a $0 deductible, but you can also opt for $500, to lower your rate (although our research has shown it's not by much).
Tip #5: Take care of your jewelry! Having insurance does not mean it is indestructible. Jewelry insurance does NOT cover wear and tear over time. If you happened to crack your big stone in two for some reason, there is room for insurance to come in. However, insurance will not cover fixing the chips and scratches accumulated over time on your jewelry.
Tip #6: Safety precautions mean premium discounts! Having a large safe or an alarm system can reduce your premium costs, since there is less risk involved from the insurer's perspective. Ask your insurer what other things might reduce your premiums, it never hurts to ask!
Ready to get insured? Get your jewelry appraised by The Jewel Princess by emailing email@example.com or calling 1-844-4MY-RING (1-844-469-7464). Then, call the number below to get your jewelry insured!
The two best options that we know of are Jewelers Mutual and Statefarm. Our friend Ryan from Statefarm was extremely friendly and patient, and answered my never-ending questions about the topic. You can reach him at 714-432-8170.
Jewelers Mutual has also been insuring jewelry for over 100 years, you can call them at 888-884-2424 for great service. Their premium rates are based upon two factors: value of the item and your zip code. That means that filing any claims(e.g. for prior theft) will not raise you premium, woot woo! For $10,000 coverage at 0$ deductible, their annual premium is $150, to be paid upfront (for a SoCal zip code).
I hope this was helpful! This information was gathered by calling 6 major insurance companies. If you have any other questions please email them to firstname.lastname@example.org
The Jewel Princess