Buying Jewelry Insurance

If you have a homeowner's insurance policy or renter's insurance, you already have some jewelry insurance. That's because these policies include coverage for unscheduled personal property — which includes jewelry.

Typically, however, such coverage is 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.

For jewelry that is inadequately covered by a homeowner's policy, additional kinds of coverage are available. The coverage is called scheduled jewelry insurance, which covers specific items by what is often referred to as a "floater," which may or may not be tied to a homeowner's policy. These policies offer much broader coverage, very few exclusions, and higher limits.

Caution: not all floaters are the same. Some only provide repair or replacement — no cash.

Premiums, the price you pay for insurance, can vary widely from state to state and from company to company.

The kind of jewelry insurance offered by JIBNA is called standalone personal jewelry insurance. This means that the coverage “stands alone” and is not tied to other insurance. JIBNA's standalone personal jewelry policy insures only the jewelry you want to insure. This typically results in a simplified and expedited insurance process. In addition, it offers a cost-effective alternative to other forms of insurance that cover jewelry.

One of the best ways to protect your jewelry purchase is to become educated before you purchase it. There are many variables that factor into the quality, price, and value of jewelry. Furthermore, the retail jewelry business is unregulated and practices vary widely. The more you know about jewelry before you walk into a jewelry store, the better you can protect yourself from possible disappointment later.

One of the best sites we know for consumer jewelry information is JCRS.