Do I Need to Insure My Jewelry?

Picture coming home to find that your place has been ransacked and all of your valuables are gone – including your jewelry. Your anniversary necklace, Mom’s engagement ring, Grandma’s antique brooch… all gone.

Did you just have a mini panic attack? If so, it may be time to look into insuring your jewelry. Here are some things to consider when deciding whether you need additional coverage for your jewelry:

Is Your Current Coverage Sufficient?

Your current homeowner’s or renter’s insurance may cover your family’s day-to-day jewelry, but may not be enough to cover older or more valuable pieces. Many policies cover up to $15,000 in unscheduled personal property. However, this may not be enough to cover the loss.

Scheduled property is listed separately and not lumped in with all of your personal property, as with your homeowner’s insurance. The best way to determine if you need separate insurance for your jewelry is to have each piece appraised at its current value. If the appraised amount exceeds your current coverage, it would be wise to find additional coverage to keep your valuables protected.

Sentimental Pieces

Do you own valuable heirloom jewelry that you could never replace? 

Purchasing additional insurance would make it possible to get a replacement that is very close or identical in appearance, and equal in monetary value. While nothing would ever replace the sentimental value, a replica could keep the family tradition alive.

Custom Jewelry

If you own custom jewelry that would not easily be replaced, insuring it separately is wise. Depending on your current coverage, while the cost of a replacement might be covered, you may have to have it done by a jeweler chosen by the insurance company. 

You will likely have to pay a little extra to ensure that you can have replacements made by your preferred jeweler. It will be well worth the added expense to ensure that the company that made your piece the first time around would be able to make you an exact replica. 

Sufficient Replacement

What would you consider a sufficient replacement in the event that your precious jewels are damaged, lost, or stolen? Would you be satisfied with a cash settlement in the amount of the appraised value? Would you want your item replaced with a close replica instead?

It is important to verify the details of coverage in these areas so that you can choose the right insurance option for your peace of mind.

To Insure, or Not to Insure?

That is the question. To decide, ask yourself these questions:

  • Would I be devastated if my jewelry was lost, stolen, or damaged?
  • Could I afford a replacement out of pocket?
  • Is my current insurance enough coverage?
  • Would I be upset by settling for a lower-quality replacement?
  • Would I be afraid to wear my other uninsured pieces if any of my valuable jewelry went missing?

If you answered yes to one or more of these, jewelry insurance is for you.

Jewelry Appraisals & More in Frederick, MD

At Gold Thumb Jewelry, we offer appraisals for any purpose. Whether for insurance, estate disposition, or just curiosity, our GIA Graduate Gemologists and Appraisers expertly examine and evaluate the value of your most prized jewels.

All of our appraisals are done in-house, with a turnaround of around a week. We possess extensive gem and metal testing equipment to ensure you get an accurate appraisal.

Schedule your appointment today!

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