4 Tips for Properly Protecting Your Valuable Jewelry With Insurance

Posted on: 29 July 2020

If you have jewelry that is more than custom jewelry, and could command thousands of dollars if sold, you are going to need to make sure you take extra steps to protect your jewelry with the right type of insurance coverage.

#1: You Need a Property Insurance Policy

To protect your jewelry, you first need to have an underlying property insurance policy as most insurance companies will not lot you just have an insurance policy for your jewelry without a property insurance policy. The two most popular types of property insurance policies to have are either a homeowner's policy or a renter's insurance policy, although a policy for a storage unit could work as well.

#2: You Will Need a Rider

Once you have the general property insurance policy, you are going to need to add a rider or floater to your policy. The terminology for this add-on varies from one insurance company to the next, but the idea is the same. Basically, with a rider, you are getting extra coverage beyond the personal property protection that comes with the policy.

Riders are designed for small items that are easily moveable and that have big values, such as jewelry. Riders are designed for high-value items that alone could max out or exceed the value of your per-item personal property protection.

#3: Get Your Items Professional Appraised

Don't just count on your word to establish the worth of your items. You need to get your items professional appraised to get a rider for your items. You are going to want to take your items to a professional appraiser, and then share that appraisal paperwork with the insurance company. You should include photos of the items with the appraisal when you submit the information to your insurance company.

#4: Keep Records of Your Jewelry

Fourth, you should keep records of your jewelry. You should keep any receipts related to the purchase of the jewelry. If you get the jewelry cleaned, keep records of that as well. You should also have a copy of all official appraisal reports as well as photos of your jewelry. This information should be stored somewhere separate from your jewelry, such as inside of a safe or a safety deposit box.

Tip #5: Be Careful with Your Jewelry

You can wear your jewelry and you can use your jewelry. Just be careful with how you use it. Don't just leave it lying haphazardly around your home; have a container or case for your jewelry. If you have any jewelry that is personally irreplaceable to you, don't travel with it. There are steps you can take on your own to protect your jewelry.

If you have valuable jewelry, you need a property insurance policy that you can add a rider to insure your jewelry. You will need to get your jewelry professional appraised to obtain insurance on it. You should keep your own records of your jewelry's worth and value somewhere safe. Talk to an insurance agency about the steps to protect your valuable jewelry. 

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