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Diamonds are forever — but not without insurance.

Your jewelry may be priceless to you, but an insurer can put a price on it to help you repair or replace it if something happens. But what type of insurance you need depends on how valuable your jewelry is and how thoroughly you want it covered.

What are my jewelry insurance options?

  • Homeowners insurance. If you have homeowners insurance with personal property coverage, it’ll generally cover your jewelry if it’s stolen from your home or damaged in certain specific situations, like a storm or house fire. But most policies have a limit on how much you’ll be reimbursed, so you may need to add extra coverage to make sure it’s enough to replace any jewelry.
  • Valuable personal property insurance. This works like specialized jewelry insurance, but it can be added on to a homeowners or renters policy that you already have. You can insure your jewelry for the appraised value with no deductible and get coverage for things like lost stones or damage.
  • Specialized jewelry insurance. This tends to be more expensive, but it also offers much more comprehensive coverage. Jewelry insurance will cover you if your ring is lost, stolen or damaged — no matter where you are. And it covers damage that homeowners insurance won’t, like breaking a prong off your ring while working out or getting dressed.

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What does valuable personal property insurance cover?

If your jewelry is stolen from your home, lost while hiking or damaged while working, you’ll be covered for its value. Valuable personal property insurance covers:

  • Theft
  • Accidental loss
  • Accidental damage
  • Repair and/or replacement
  • Incidents within or beyond the home

Personal property insurance vs valuable personal property insurance

With personal property (PP) insurance, you aren’t required to describe your items or disclose their value. However, there’s generally a relatively reimbursement limit for jewelry, and you may not be covered for jewelry that’s damaged outside or accidentally lost.

For example, if your personal property insurance has a $5,000 limit on jewelry and your $10,000 ring is stolen, you’ll only be able to recoup half the cost, minus any deductible. And if the ring loses a stone while you’re out hiking, you may not be covered at all.

Valuable personal property (VPP) insurance covers the full appraised value of your ring and can cover to have it repaired or replaced without a deductible.

What’s a blanket jewelry insurance policy?

Some homeowners insurance policies allow you to add on a blanket jewelry insurance policy, which offers a minimal amount of coverage for any jewelry in the home that may be higher than what’s offered with a typical PPI policy.

For example, USAA’s blanket jewelry policy covers up to $2,500 for any piece of jewelry and up to $10,000 total. It can be an inexpensive way to add on some jewelry coverage, but it’s often not enough for expensive items.

    How much does it cost to insure jewelry?

    There is no set price for how much it’ll cost to insure your jewelry. Your premiums will be based on:

    • The type of coverage you choose. Independent jewelry insurance will generally be more expensive than adding VPP insurance to your homeowners insurance policy.
    • The value of the items. The cost of covering an item comes from how expensive it would be to replace, which means that more expensive jewelry pieces will have more expensive premiums.
    • Where you live. If you have higher-than-average theft rates in your area, this may impact the cost of coverage, as it may mean a higher chance of a claim being made.

    Tips for insuring your jewelry

    To make sure you end up with the right coverage:

    • Get your jewelry appraised. A professional appraisal can help you get the amount of coverage you need to replace your jewelry. It’s also a good idea to get your jewelry reappraised every few years, because its value may increase over time.
    • Consider specialized coverage. If you have expensive jewelry, consider getting valuable personal property coverage that allows you to insure each piece of jewelry at its appraised value.
    • Read the fine print. Check to find out what the limits are, if there’s a deductible, exactly what types of damage are covered, if your policy covers damaging your jewelry multiple times and if there are any restrictions on which jewelers you can choose to repair your jewelry. Most policies won’t cover general wear and tear, so it’s a good idea to find out exactly how your insurer defines that. For example, will a scratched opal count as general wear and tear?
    • Find out how to file a claim. Insurers vary in the evidence and documentation needed to support your claim and you may be required to update these documents periodically. These documents can include purchase receipts, photographs and professional appraisals. Find out what you’ll need as soon as you start your policy so you can get any documentation you’ll need.
    • Ask questions. If there’s anything that isn’t clearly spelled out in your policy, talk with your insurer and get it in writing. For example, is your jewelry covered if it’s stolen while overseas on vacation? How often do you need to have it appraised? Is there a limit to how many times a lost stone will be covered?

    Bottom line

    Start by getting your jewelry appraised and checking the limits and exclusions in your homeowners insurance policy. If your current coverage is too limited, talk with your insurer about adding on valuable personal property coverage for your jewelry. And if you don’t have a homeowners insurance policy yet, compare home insurers to find one that fits your needs.

    Frequently asked questions about jewelry coverage

    Image source: Getty Images

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