How do I get insurance on jewelry?

Question

I have an expensive diamond necklace worth a couple thousand bucks and was told I should get insurance on it. How do I go about doing that? Im afraid to wear the thing, for fear of losing it, and I would feel more comfortable doing so if I could get it insured. Since it was a Christmas present from my husband, I want to wear it but don't want to lose it. it means alot to me but don't want to keep it locked up. Do I get it at a regular insurance company or what?

Answer 1

I just gave my fiance an engagement ring. It was appraised at $14,450 and I went through our homeowner's insurance "American Family Insurance" and it costs us $160 a year for full coverage. You will need to get some sort of official appraisal from IGI (International Gemological Institute) or somewhere similar in order to get it insured. Not sure if you can just get one from a jewelry store or not. Hope this helps!

Answer 2

You can add a "rider" to your home owners, or renters insurance. If you do not have a one of those policies, It is easy to get one. Just contact your current insurance provider. In most cases it brings down your auto insurance, "multiple insurance discount". You will need to have a current appraisal for your jewelry, within the last 3 years. If you do not have an appraisal most jewelry stores can do it. I decided to get my jewelry certified it cost about $150 per piece. It is approximately $9 per every $1,000 of coverage for the year. It's not very expensive, because the mark up on jewelry is so high.
I had to make a claim almost 4 years ago when I lost my $8,000 tennis bracelet. I had to make a police report, and there was a 60 day waiting period, but I got new one without any hassles. The replacement bracelet was just as nice as the original, if not better!

P.S. The insurance that they offer at the store is not the same that usually just covers it it breaks, or if a diamond fell out, not if it was lost ot stolen. In addition, most stores will let you add it later depending on their store policy.

Answer 3

I can understand your need to insure your jewelry. When we first got married, my wife and I wanted to insure her ring, but did not know how. We ended up getting a renter's policy ( for a very reasonable premium I might add) that covered theft/damage of the belongings in our rented home and adding it to the policy using the appraisal given to us by the jeweler. We have since purchased a home and did the same thing with the homeowner's policy. Even though it is covered under a home policy, it still covers loss/theft when not at home. I'm not sure if it works the same way with all insurance companies, but that's how Allstate handled it for us. Hope this helps.

Answer 4

To an extent it is covered as personal content in homeowner insurance, if it were to be lost in a covered claim. I don't think though that if you were wearing it and something happened, say someone ripped it from your neck or you lost it in a public bathroom, that would be enough. Talk to your current insurance company and ask them to be sure it's covered on your homeowner's and if you need something more for coverage on such an item, how to go about getting that. They'd likely know.

Answer 5

The Chubb Group provides insurance specifically for jewelry.
The company offers policies through independent insurance agents and jewelry retailers. Here's a brief description of Chubb's engagement ring policy guidelines:

* Full coverage for the itemized amount shown on the policy.

* No deductible.

* Coverage applies worldwide for lost or stolen rings.

* Replacement is not required, Chubb offers a cash settlement. If you do replace the ring, you select the jeweler.

Answer 6

Where you bought it did they not offer you the insurance or explain it to you..

Answer 7

when you 1st purchase your jewelry you ask 4 the insurance, if you dont buy your insurance the day you buy your item your outta luck!....