Insurance for Jewelry: A Wise Investment?

  • By interactive
  • 01 Sep, 2016
Jewelry Insurance - Jewelry by Christopher

Investing in a piece of custom jewelry or a precious stone is an important event that is often meant to convey an expression of love and appreciation for another. Engagement and wedding rings, specialty watches and other customized pieces are often priceless in terms of sentimental value and may seem to become an extension of your own body. In the event of the theft, loss, disappearance of or damage to any of these items, prompt replacement with an item identical to the original is likely to ease the initial blow of whatever caused the loss. Insurance for jewelry is an inexpensive option that will bring you significant peace of mind for a small financial investment.

What Does it Cost to Insure My Favorite Jewelry?

On average, the cost of insurance for jewelry is 1-2% of the item's value per year. For example, if you've just purchased a $10,000 custom engagement ring, coverage will cost between $100-200 per year. The amount of your deductible, or how much you have to pay out of pocket should you need to file a claim, can be set as low as $0. Lower deductibles translate into slightly higher premiums, so determine what deductible amount you are comfortable with relative to the financial savings on your annual premium. Bear in mind that there is a minimum annual insurance premium required by law which varies by state but is typically $25-$30.

What Types of Events Are Covered?

In the event your jewelry is stolen, lost, or has mysteriously disappeared, insurance for jewelry will cover the cost of replacement less your deductible. Damage to any of the stones and/or other components is also covered and can be repaired by the jeweler of your choice. It doesn't matter if you've left your engagement ring in a bathroom along the highway or have had the unpleasant experience of a personal robbery; the choice to insure your jewelry means that you're eligible to receive an identical replacement item created by the jeweler you prefer.

Where Can I Purchase Insurance for Jewelry?

Your professional jeweler likely offers the option to purchase insurance for jewelry directly from their local store through Jewelers Mutual Insurance Company. Having been in business for more than 100 years and offering the best rates on insurance for jewelry items of all kinds, working with Jewelers Mutual is an experience highly rated by their many loyal customers nationwide. They also offer discounts for items stored in a vault or for owners who live in home equipped with a security system.

Is Jewelry Insurance Appropriate for Me?

While every person is unique, most people report a tremendous sense of relief knowing that their precious jewelry is protected from loss of any kind. The heartache and financial hardship of replacing an item can be a significant setback for most families but the cost of insurance for jewelry is often less than the amount spent on coffee each month. Feel free to discuss your options with your local jeweler until you feel comfortable making a decision. Jewelry by Christopher is home to Rockford's only certified Master Jeweler who would love to create a customized piece of jewelry on your behalf.

Christopher's Fine Jewelry Blog | Rockford IL

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