If you’ve recently inherited or been gifted a piece of jewelry from a loved one, you may want to research jewelry insurance to protect your newest possession. Here are five of the most commonly asked questions and answers to help guide you through the insurance process.

A Guide To Jewelry Insurance

What type of jewelry should I insure?

Insure any jewelry you consider valuable. Whether it’s expensive, or simply means a lot to your family, you won’t want anything to happen to it. Consider how much it would cost to replace the piece if it was lost or stolen. If a replacement costs more than you’re willing to pay or can afford to spend, it would be best to insure the item.

What does jewelry insurance cover?

Insurance companies will provide you with several options to choose from. In instances of theft, loss, and damage, most policies include an option to cover the total value of the item, including sales tax.

Consider acquiring worldwide jewelry insurance to protect your items when traveling outside of the country. If you accidentally leave your favorite pearl necklace in your London hotel or fall victim to theft while traveling, you’ll be able to replace what was lost. 

How often do I need to have my jewelry appraised?

Have your jewelry appraised every five years or so. The jewelry market is everchanging and the value of your piece can fluctuate. Receiving the correct, updated value will help you maintain proper coverage.

What if my jewelry is under warranty?

Warranties cover manufacturing issues and defects in your jewelry. Further insuring your items will be helpful in cases of warranty limitations and time restrictions. Warranties may only compensate you for minimal repair costs. Long-term and comprehensive coverage will ensure that you receive the entire value of your jewelry back if anything happens.

What happens if I find the jewelry I filed a claim for?

If you thought you lost your treasured pair of diamond earrings, filed a claim, and later found them in a jacket pocket, contact your insurance company. You will probably have to pay back the money you received from the claim or return your new piece of jewelry. While this is common, neglecting to contact your insurance company after finding the jewelry is considered insurance fraud.

Insure your jewelry with Aaron Unell-Liberty Mutual Insurance of Saint Louis, MO. This licensed insurance sales representative is committed to serving his clients every step of the way, striving to best protect you, your family, and your assets. Contact Aaron at (314) 750-0317 or visit his website to learn more about complete coverage plans designed to insure your jewelry.