Jewelry Insurance: Not that Complicated

Insurance seems like a boring afterthought, but it’s an extra step that’s worth taking. Insuring your jewelry can alleviate financial and emotional stress should a treasured piece get lost or stolen. Plus, it’s not that hard to do!

Step One: Choose a Policy

If you already have homeowner’s or renter’s insurance, all you have to do is add your jewelry to the existing policy. The other option is to take out an individual policy specifically for your jewelry. Many big-name insurance carriers offer individual jewelry polices. We recommend checking out Jeweler’s Mutual, an insurance company that specializes in – you guessed it – jewelry!

When choosing an insurer, be sure to read the fine print and ask questions! Some policies only cover a portion of the appraised value, while others cover the entire cost. Certain companies may provide you with a cash pay-out, but some only allow you to work with certain jewelers and find a replacement. It’s also a good idea to figure out which loss/theft/destruction scenarios are covered by your policy, and what proof you’ll need to provide in order to receive compensation.

Whatever policy you choose, expect your annual premium to cost between 2% and 5% of the appraised value of the piece. We recommend getting quotes from at least two different companies to make sure you are getting the best deal.

Step Two: Provide Insurance Company with Necessary Documentation

In order to purchase any sort of jewelry insurance, you’ll need to provide your agent with receipts and appraisals for the pieces you wish to insure. If you purchase a piece from Gray & Davis, we are happy to provide appraisals. Since antiques are often one-of-a-kind, the value on the appraisal reflects the cost of re-making your jewelry from scratch or finding a comparable piece. It is also important to provide your agent with copies of any gemological lab certificates that exist for your pieces. 

Step Three: Relax

After submitting your paperwork, you'll receive confirmation from your insurance company, and that's it. Congratulations, you did it!