Jewelry

You may not think about jewelry insurance until you purchase or receive an engagement ring but it is never to early to consider your collection as a whole, especially if you’ve been gifted or have inherited items over the years. Whether you’re looking for engagement ring insurance, wedding ring insurance, or jewelry insurance in general, we’re here to help. All of our carriers offer jewelry insurance as a separate policy from homeowner’s insurance. There are many benefits of packaging the two policies together including companion policy credits.

There are many names that might describe specialized coverage for jewelry. Some call it a jewelry floater, others call it jewelry rider insurance, or scheduled jewelry insurance. It all depends on the carrier but the intent is similar.

The average cost of jewelry insurance varies as each carrier has a difference in philosophy on how to charge for the exposure. There are many things that can help to tailor the rate on large collections and they are worth considering. Consider installing an in-home safe that is anchored to the foundation and, in some cases, connected to the alarm system. Some companies offer a discounted rate if you keep your highest valued items in a bank vault and rarely wear them.

Jewelry insurance is crucial for high-net-worth clients due to the significant financial investment they have made in acquiring valuable pieces. As an insurance agent, ensuring comprehensive coverage tailored to their unique needs becomes imperative. There are two primary approaches to jewelry insurance: blanket coverage and scheduled coverage.

Blanket coverage involves insuring the entire jewelry collection under a single limit, simplifying the process but potentially leaving room for underinsurance. In contrast, itemized coverage provides a detailed list of each individual piece with its corresponding value, offering more precise protection. For high-net-worth clients, having a blend of both itemized jewelry coverage and blanket jewelry coverage is often preferred as it ensures that each valuable item is adequately accounted for while leaving a buffer for the smaller valued items.

Breaking jewelry coverage out from home insurance is advantageous for several reasons. Firstly, home insurance may have limitations on coverage for certain types of jewelry, such as high-value items or rare gemstones. Many companies may only provide up to $1,000 – $5,000 in total and it’s subject to the home deductible.

Insurance for jewelry and watches allows for specialized coverage, addressing the unique risks associated with valuable pieces. Secondly, it provides a clearer picture of the jewelry’s worth, facilitating smoother claims processes and avoiding disputes over valuation.

Current trends in jewelry purchases underscore the need for specialized insurance. High net worth and successful individuals often invest in unique and rare pieces, including rare gemstones, vintage jewelry, and custom-made items. These trends contribute to the growing complexity of valuations, emphasizing the importance of tailored coverage to safeguard these valuable assets.

Additionally, sophisticated burglary activities are on the rise, posing a greater threat to high-net-worth clients’ valuable jewelry collections. Thieves are often targeting high-value items. By having dedicated jewelry insurance, clients can rest assured that their coverage addresses the nuances of these threats, offering peace of mind and financial protection in case of loss or theft.

As an insurance agent, educating clients about the evolving risks and the necessity of specialized coverage is crucial. Providing personalized consultations to assess the unique value of each piece in their collection allows for the creation of a comprehensive and tailored insurance plan. This proactive approach not only ensures adequate coverage but also peace of mind.

Interested in having a conversation about your passion collection or not sure where to start because you need to get an appraisal? Give us a call or shoot us an email and we can discuss!