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Jewelry Insurance

Buying or inheriting jewelry is exciting, something special that you will treasure and value for generations. Special jewelry is usually associated with a milestone, a special event, or someone cherished. You not only want to enjoy your valued treasures, but you also want the peace of mind knowing that they are properly insured. Jewelry insurance helps you protect and safeguard your special pieces throughout life and across many scenarios.

Unfortunately, many jewelry buyers and owners are unaware of the need for additional insurance or do not take the time to properly insure their jewelry.

Homeowners insurance and renters insurance policies have some jewelry coverage through unscheduled personal property. However, this coverage is usually limited to the perils covered and lower dollar amounts on theft losses, as well as by various exclusions. If you own higher value fine jewelry (valued over $1,000), your homeowner’s insurance will likely be inadequate.

An option for additional coverage, is a scheduled jewelry floater, which may or may not be tied to a homeowner’s policy. A floater offers broader coverage with few exclusions and higher limits. However, not all floaters are the same and can have quite different coverage and limitations. Some floaters only provide repair or replacement, no cash.

Additionally, premiums for a scheduled jewelry floater, the price you pay for insurance, can vary widely from state to state and from company to company.

more comprehensive insurance option to ensure your valued treasures are fully protected is standalone personal jewelry insurance. This policy “stands alone” and is not tied to any other insurance policy which typically results in a simplified and expedited process. Additionally, a standalone policy is usually a cost-effective alternative to other forms of insurance that cover jewelry.

Either a Scheduled Jewelry Floater or a Standalone Jewelry Policy will require an appraisal of each jewelry piece included on the policy.

Jewelry appraisals

A jewelry appraisal is a written document that attests to the jewelry’s characteristics, qualities, and value. A jewelry appraisal is your assurance that the jewelry you purchased is as the jeweler represented it. In the event you need to file a claim, the detailed description and photograph included in the appraisal ensure that your jewelry’s replacement matches the piece originally purchased.

An appraisal is an essential document that enables insurers to properly underwrite and determine the appropriate premium. When getting an appraisal, make sure it includes the following (preferably on an insurance industry standard form):

A complete and accurate description including style and all characteristics, weights, grades, and measurements
A statement regarding any treatments that are not usual to the gemstone(s) in question
A statement of whether the stone is natural or a synthetic
Name of manufacturer, workmanship, metal, mounting, and karatage
The stated value of the piece of jewelry
A photograph of the item being appraised

Insurance industry standards and forms are available at no charge from the Jewelry Insurance Standards Organization (JISO). Insurance discounts may apply when JISO appraisal forms are used. Please ask your insurance agent for more details.

Preferred forms to possibly obtain a premium discount:

The JISO 78/79 (which can be prepared only by qualified appraiser with jewelry insurance appraisal training, such as a CIA™).
The JISO 805 Sales Receipt (completed by the selling jeweler), if a CIA is not available.
The JISO 806 (completed by any jeweler/appraiser, preferably a professionally trained gemologist who holds a GG, CG, FGA+ or equivalent degree).

Jewelry Insurance FAQs

Do I have to use a Certified Insurance Appraiser™ (CIA™)?

While not required, it is recommended that a Certified Insurance Appraiser™ (CIA™) perform the jewelry appraisal.

A CIA™ is a professionally trained gemologist (GG, CG, FGA+ or equivalent degree) with at least three years’ experience AND is also a graduate of the insurance industry’s Certified Insurance Appraiser training program. This program educates appraisers about the special issues related to appraisals for insurance purposes. It also trains appraisers in the use of JISO jewelry insurance forms and standards.

How should I protect my jewelry?

Even with a proper appraisal and insurance, you still need to protect your jewelry. Here are some helpful tips for safeguarding your jewelry from theft, loss, and damage. And remember, should your insured jewelry be stolen, lost, or damaged, be sure to contact your insurance agent.

Once you have purchased quality jewelry from a reputable jeweler or inherited an heirloom piece, there are other safeguards you can take

Theft

The first place a thief searches for jewelry is a bedroom dresser, closet, or jewelry case. Rather keep them in a secure and unlikely place. When away from your home for extended periods, store your jewelry in a secure location, such as an in-home safe or a bank safe deposit box.

Loss

At home, take care to keep jewelry in a safe place, it is easy to take jewelry off and leave it sitting on tables, or counters. Unfortunately, most jewelry is lost around the home because it has fallen into the garbage, gets bumped behind something, or simply disappears.

When traveling, keep your jewelry with you. Do not store in luggage or bags that will be handled by other people. Also, when not being worn, keep jewelry secure in a room safe.

Damage

Jewelry is more easily damaged than you might think. If your jewelry is damaged, gather the pieces (if broken) and keep them together. Photograph the damage if possible, and write down the circumstances surrounding the jewelry’s damage, as these details may be useful for insurance purposes. Before having jewelry repaired, get authorization from your insurance claims adjuster.

Regardless of the reason, theft, loss, or damage – report claims as soon as possible.

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