Why You Should Have Jewelry Insurance and What Does it Cover?

Precious gems purchased from our custom jewelry store in Miami are unique. Often, they are an investment in a relationship such as marriage. The value of diamonds, precious stone, and valuable metals are not only sentimental to the owner; they are financially valuable. Jewelry insurance is a great way to protect your investment. Santayana Jewelers want you to ensure your jewelry investments are secured and insured.

Cost of Jewelry Insurance

The average yearly insurance rate is about one percent of the total value. That means if you have a piece of jewelry valued at $1,000 you can expect to pay approximately $10 a year to insure it. Adding jewelry insurance to your homeowners or renter insurance policy is an easy way to insure your precious gems and fine jewelry. At Santayana Jewelers, we value our customers and want to ensure that our clients are fully knowledgeable regarding all their options to protect the precious jewelry clients hold dear.

What Does Jewelry Insurance Cover

Jewelry can be stolen, lost, or damaged. The type of coverage and the policy information will determine if and when an item is covered. Some policies will only cover certain aspects. For example, if your jewelry is covered under a homeowner’s theft policy it may not be covered if the jewelry were to be lost or stolen in the streets.

It is important to understand your jewelry insurance policy. Know what it does and does not cover. And, be clear on the fine print. If a piece of jewelry is damaged and you want it repaired the insurance policy will define how damages are assessed and by whom they are repaired. Avoid policies that do not let you choose the jeweler who does the repairs.

The best coverage is an all-inclusive policy that will cover the unexplained loss. Jewelry that is lost, stolen, or damaged will typically be covered.

However, the unexplained loss means that if you lose a piece of jewelry while out for an evening and have no idea how it was lost the insurer still covers the piece. Having the best jewelry insurance and knowing what jewelry insurance covers protects your valuables.

Steps To Protect Your Jewelry

To insure your jewelry, there are a few simple steps. Be sure to keep your receipt; it proves the purchase price. Having the item appraised is the most important step. Take quality pictures of the items you’d like to insure. Have clear photos from multiple angles and include a ruler or coin in the image to demonstrate size.

Investing in a small safe is a smart step. Having a safe for your jewelry that is portable makes it easy to travel with your jewelry while keeping it secure. Never put jewelry in checked bags. Only carry jewelry in your carry-on luggage. It is important to have insurance on your jewelry at all times. Ask your insurance provider if you need an extra policy or rider while traveling with your jewelry.

Insurance Options

There are limitless options when it comes to choosing an insurance company. While many simply add their jewelry to a homeowners policy, others choose to obtain a unique policy that applies solely to the jewelry collection. we recommend our clients speak to multiple insurance agents before committing to a policy.

Companies from Geico to Progressive offer great rates on jewelry insurance and will add it to your car and home policies. Consider the choices, either add your jewelry to a current policy or obtain a separate policy that specifically covers your jewels. Consult insurance professionals to help you make the best decision. How you insure your jewelry depends on your collection and situation.

Tips for Care

Have your jewelry appraised regularly and by different appraisers. Keep detailed records of your jewelry purchase, insurance, and appraisal history. Clean your jewelry regularly. Bring your items into Santayana Jewelers and allow our professionals to clean your items. We always enjoy having clients return to our store.

Storage

Store jewelry in a discreet location; thieves will go to the obvious places such as dressers, closets, and nightstands. There are lots of new ways to hide your valuables. One excellent place to store jewelry is on a shelf safe. A shelf safe appears to be a standard wall shelf to demonstrate decor and is an even better hiding place than a wall safe because of its deceptive appearance. Another popular place to hide jewelry is in faux product canisters. There are even ways to turn your doorknob into a unique staff.

At Santayana Jewelers, we understand that jewelry is an extension of one’s self. Not only is there financial value in your jewelry collection, but also sentimental value. Just as you value your jewelry, we value you, our clients. Our clients are our priority. Contact us with any questions and we’ll be glad to assist you.