Jewelry Insurance

Out of all the items that need insuring – jewelry is top of the list – the reason jewelry insurance is so important is the small size (easy to steal and easy to lose) and it’s very high value. When your house is robbed, the first things crooks look for is the jewelry – they can take a fortune in their pockets, unlike a hi fi or video camera. Whilst it is relatively expensive to insure jewelry it is even more expensive to buy again. When you insure your jewelry you should have a current valuation, and you should also have diamond certificates.

Make sure that your jewelry is not over insured, or under insured – this can sometimes happen if there is a big swing in the gold or platinum price – or if you purcahsed from an expensive retail jeweler. Remember your insurance premium is based on the value. If the jewelry is antique – you will need to find a reputable antique dealer, and possibly a gemologist to help with the valuation. Your valuation for jewelry insurance should be updated at least once a year – a jeweler will also check the prong settings and claws to make sure your diamonds are secure. Ask around about the cheapest jewelry insurance – but be aware of the terms and conditions under which the contract is signed – the small print often excludes things like losing the gem, or jewelry that is not locked in a safe – which is pretty pointless if you love to wear your jewelry. When you get you valuation done – expect to pay at least 3 percent of the value – a manufacturing jeweler may be cheaper – and find someone you can trust – do not just pick a jeweler because they are the cheapest- the same with the jewelry insurance company – find respected companies that have referrals and have been in business for a while – the same goes for when you take your jewelry for repairs.