The Cost of Jewelry Insurance

When you think of insurance, you likely think of high premiums. However, the cost to insure your jewelry is relatively minimal, so it can make sense to protect your precious pieces. After all when you insure your jewelry, you are ensuring that you will have a beautiful piece to treasure for years to come.

What It Covers

Insurance for rings, necklaces and other pieces can cover all types of losses:

  • Accidental damage
  • Lost items
  • Theft
  • Fire

When you purchase the policy, be sure that it clearly states what replacement includes. If you have an item from Tiffany & Co., for example, you would probably want the new piece from there as well.

What It Costs

Generally, the cost to insure a ring is just 1 percent of its value. Thus, if you insured a $10,000 necklace, you could expect to pay around $100 per year, perhaps less with a deductible. You may be able to reduce your premium even further if you keep the pieces in a safety deposit box. It is also important to have an accurate appraisal, so you aren’t paying for more than you will be reimbursed.

It costs relatively little to insure your jewelry, yet doing so can give you peace of mind. Be sure that your policy covers a wide range of reasons for loss, and that you are being covered for the actual value of your pieces.