Do you need to purchase insurance for jewelry? - Kentucky Farm Bureau

Do you need to purchase insurance for jewelry?

Whether it’s your grandma’s wedding ring or a pair of diamond earrings from your significant other, make sure your prized pieces are adequately covered so you can cherish them for years to come.

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Whether you’re showing off a brand new engagement ring or proudly adorning your grandmother’s antique necklace, jewelry is often a very cherished possession. Unfortunately, due to its small size, losing a piece of jewelry can easily happen. These valued possessions can disappear due to theft, fire, flood, or even something as simple as an unprotected sink drain. As such, any jewelry item of financial or emotional significance is probably worth insuring.

Many homeowners and renter’s insurance policies only cover theft of jewelry to a fixed dollar amount. Therefore, it is recommended to insure jewelry with an additional policy option, available for special valuables you own that can be added to your existing policy.

The following variables are important to keep in mind when deciding what type of coverage to purchase for your jewelry. We recommend discussing this list of questions with your local KFB Insurance agent:

  • Do you have items that are irreplaceable?
  • Does your homeowners or renter’s insurance cover your most valuable belongings?
  • Do you travel frequently?
  • Do you have a busy lifestyle?
  • Are you still covered if there is negligence or carelessness involved?
  • Are there any geographical limitations to coverage?
  • Are there any exclusions?
  • What if only part is lost? (e.g. diamond missing from ring)
  • Can you insure individual items?
  • Will the policy adjust according to inflation?
  • What proof of loss or damage will be required?
     

Why do I need to get my jewelry appraised?
Jewelry insurance premiums and coverages are based on the value of your jewelry. It is recommended to get your valuable jewelry appraised every few years as the market price can fluctuate from year to year. The older the appraisal is, the less accurate its true value will be.
 

Keeping your jewelry safe
If you have a sentimental or valuable piece of jewelry, be sure to protect it and keep it in a safe place when you aren’t wearing it. Jewelers may also be able to recreate a lost piece if you keep proper documentation of your items and detailed photographs.

An up-to-date record of valuable items in your house will help simplify the process should you need to file a claim. KFB Insurance has a helpful document for this – My Home Inventory – where you can record all of your household items. While that might seem like a hefty task, it will help make filing a claim much simpler if your jewelry is lost or stolen.

Whether it’s your grandma’s wedding ring or a pair of diamond earrings from your significant other, make sure your prized pieces are adequately covered so you can cherish them for years to come.