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Jewelry Insurance
Main Index
Insurance for Engagement Rings and Other Jewelry
The regular insurance you subscribe to like renters or homeowner's insurance probably offers coverage for theft of jewelry. But they are not very broad and have limitations.
Typical Policies
Both the Renter and homeowner's insurance policies set cut-offs for the loss of certain categories of personal property, such as jewelry. Homeowner's policies cover up to $1,000 for theft of jewelry while renter's insurance policy barely covers $500. You should check if your jewelry insurance coverage provide for loss other than theft, for example lost or damaged items. Go through your policy carefully and ask your insurance agent to clearly explain the types of loss that are covered on your standard policy.
Additional Coverage
You can usually purchase extra coverage for your fine jewelry, but it's important to ask your agent questions so that you have a good understanding of the coverage:
- Is there a deductible? If there is, how much is it worth and how does raising or lowering the deductible affect your policy costs?
- Is an appraisal essential? Are there some listed appraisers whose reports are accepted?
- Are the items covered no matter where they are during the loss/damage? Such as loss that occurs during travelling, domestic or international?
- Are items covered for complete replacement cost? And must you replace the item, or is a cash settlement also an option?
- Are repairs to damaged jewelry also covered?
Jewelry Insurance Options
There are many players in the Jewelry Insurance business. Listed below are two very popular ones.- Chubb Group
- Jeweler's Mutual
Chubb Group
They offer insurance policy specifically for your jewelry. Chubb offers policies through independent insurance agents and jewelry retailers. Below is a description of Chubb's engagement ring policy guidelines:
- Complete coverage for the itemized amount shown on the policy.
- Insurance coverage applies worldwide for stolen or lost rings.
- No deductible
- Replacement is not required. Chubb offers cash settlement. If you do replace the ring, you can select the jeweler.
Chubb recommends an appraisal for all insured jewelry, but it is compulsory only for items valued over $50,000. Loose diamonds are also covered by Chubb. Get in touch with their agents for more information about Chubb's jewelry protection Insurance coverage.
Jeweler's Mutual
Jeweler's Mutual is another well-known firm that offers personal jewelry insurance that covers both repair and replacement. But the policy is not available for unset stones, loose diamonds, damaged items or antique jewelry. An appraisal is compulsory for coverage.
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