Insure Your Jewelry

Photo courtesy of blog.brilliance.com

If you have an extensive jewelry collection, especially one with fine gems and precious metals, you should insure your collection. The peace of mind is worth the money it costs.

Jewelry can be insured in a few ways. One of the most common ways to insure jewelry is to add a rider to your homeowner’s or renters policy. Some insurance agents call riders extensions. The basic homeowner policy will insure things in your home, but the value has a limit. In some cases, the expensive pieces like engagement rings and heirloom jewelry will not be covered. This is why smart jewelry owners will add a rider to their policy, and even on specific items.


The other way to insure your jewelry is buy jewelry insurance. You might not be able to do this through your homeowner’s agent. This type of insurance is not as common as placing riders on homeowner’s policies, but it usually covers more value than the typical rider does.


Everyone who owns an engagement ring should have insurance for it. The insurance represents the financial and emotional value that the ring represents. If the ring is lost or stolen, it can be replaced without having to worry about buying a brand new one without any financial assistance.


Insuring jewelry takes a few simple steps. The first is to show receipts and have valuable pieces appraised. You usually have to pay a small fee for an appraisal, but those can be done at jewelers that have certified gemologists. Once you have established the value of the ring, you should be sure that the rider or the policy comes with you if you move. If you insure an engagement ring before the wedding, the policy should follow the bride to the shared home after the wedding.


Some jewelry stores offer insurance on jewelry purchased from their shops. They usually will cover expensive individual pieces like engagement rings or fine watches. Depending on the store, you might have to ask about a policy. Before you commit to it, it is a wise idea to ask questions about filing claims and how much coverage is available. You want to have the full value of the piece of jewelry covered so you can get something equal to the piece that was insured.


Before you commit to jewelry insurance or a rider, you should ask a few questions:
1. Is the ring covered just for theft?
2. If a claim is filed, how is the ring replaced?
3. How will a vintage piece be replaced?
4. What value is covered for the jewelry? Full price or a fraction of it?
5. What proof does the company need if the jewelry is gone?
6. What is not covered?


The cost of covering jewelry is based on the replacement value. In most cases, the price will be one or two percent of the value of the jewelry. For example, if your engagement ring was $5000, then you will have to pay between $50 and $100 to insure it on an annual basis. You could lower the price of your insurance by adding a personal safe to your home.

Traveling with Jewelry 101

Now that the holiday season is beginning, it is important to consider what you will be packing on your journeys. At Chasing Treasure, we offer several different types of travel cases for jewelry. If you travel regularly, it is a good idea to add a travel case to your collection of luggage. It is also a good idea to know what to bring along and what to keep at home.


The most important thing to consider is where you are going and what you will need to bring along. You should remember that vacations are times to relax and not worry, so you should keep every piece of jewelry that you would worry about at home. If the piece is valuable or special to you, it is a good idea to leave it at home, in a locked jewelry box (like the ones we offer at Chasing Treasure).


If you know you will be dressing up or enjoying casual evenings out, you can always bring a few pieces from your collection. Small earrings are easy to pack and so are chain-link bracelets. If you are worried about your necklaces getting tangled, you can leave them at home, too. You can also bring some pieces that make statements, but are not expensive. If you are unable to pack certain pieces because they are too big or too easy to tangle, you can always wear them on the plane.


Some travelers prefer to keep their wedding band and engagement ring at home. If you have a large diamond or an expensive band, it can be wise to wear something less flashy, especially if you are going somewhere that your jewelry could draw negative attention. If you are expecting to have outdoor adventures on your journey, it is a good idea to leave the expensive pieces at home. Some travelers will wear a basic wedding band instead of their prize pieces. Some will also buy rings that resemble their real pieces, but they will buy them out of fake gems like crystal so they do not need to worry if they get lost. If you have to take your jewelry with you, it is a good idea to look at your homeowners insurance to be sure your pieces are covered when you travel.


Anytime that you fly and take jewelry with you, you should only carry the jewelry with you at all times. If you check it with your bags, there is a chance it could get lost. In your carry on luggage, it cannot get lost. When you use a travel case, you can easily put pieces in the specialized compartments. If you bring long necklaces, it is a good idea to use a necklace roll to keep them from tangling. To keep the jewelry case from opening up during travel, buy one that locks. Keep the key in a safe spot so you do not lose it.


If you have any questions about traveling with jewelry, feel free to contact us at Chasing Treasure via email at cs@chasingtreasure.com or on the phone at 888-804-2542.