Precious Insurance?

Question

How much should I spend a year to insure jewelry?

Answer 1

Quite honestly the value placed on each item of jewelry should cover its cost of replacement. To have an accurate value, an appraisal should be completed as it will give exact dimensions and grading of any stones in the jewelry making the contract more accurate.
It was suggested to add the jewelry to your homeowners policy, but I would offer advice against that. Homowners policies do have jewelry riders but I have seen homeowners policies cancelled from claims. The other problem is that you are dealing with the same company that values everything else in your home. If you have a 1.03 carat G/VVS stone, they may not know what it means. Dealing with a company that specifically insures jewelry will give better service if needed. I have insured jewelry with a specific company called Jewelers Mutual. It is the same company my jeweler uses and the rates are very low. Typically, it will cost $20 per year to insure a $1000 item. I have included the website.

Good luck to you.

Answer 2

Get an appraisal from a jeweler. Then contact your insurance agent to schedule the jewelry on you homeowners/renters insurance. Your agent will endorse the item onto your policy using an Inland Marine policy (commonly called a floater).

Both the homeowners/renters insurance does provide limited coverage for jewelry but if it's a nice piece the minimum coverage provided by your homeowner/renters policy will probably not be enough.

Answer 3

You need to contact a fine jeweler in your area. They have very affordable insurance. It is usually based on the value of the article/s insuring. Homeowners does cover SOME cost up to a max amount. The jewelery store has no profit in helping customers with providing an affordable nationwide insurance provider.

If you cannot find any information, email me. My wife works at a local jewelery store.

Hope this helps.

Answer 4

Well, it's probably going to cost you about 2% of the value of the jewelry, to schedule it on your homeowners/renters insurance policy.