How to Get Valuable Jewelry Insurance Coverage

Loss or damage of valuable jewelry is devastating to anyone, whether the jewelry is more valuable monetarily or sentimentally. Knowing that you can't in any way afford to replace it makes the situation even worse. A way to avoid this is to purchase jewelry insurance coverage.

1. Have your jewelry appraised. If you have recently purchased jewelry, you may be able to use your receipts as the value of the jewelry instead of having to pay an appraiser. Jewelry should be re-appraised every few years to make sure the changes in gold and silver values are accurately reflected in the value of your jewelry. Choose an experienced appraiser who is a registered gemologist so you know the values are accurate.


2. Determine replacement cost. Although your jewelry may have depreciated over time with wear, you need enough insurance to pay for a replacement, not just to cover what your current jewelry is worth.


3. Purchase an insurance policy. Homeowner's insurance may cover your jewelry, but you may need an additional policy or add to the existing one if the coverage is not enough to replace your jewelry. A valuable items policy or itemized coverage is usually the policy recommended for jewelry.


4. Make a list of your jewelry. If you purchase itemized coverage, you will need to make a list of all the jewelry that needs covered under the policy and every detail you can list about the jewelry so it is properly recorded with the insurance company.


5. Prevent theft. Although carrying insurance on your jewelry ensures it can be replaced if it is stolen, it is best to be as safe as you can with your valuables. Keep them put away and if there are valuable items you don't wear often, consider keeping them in a safety deposit box or a safe at your home to further secure them.