Jewelry with a “sentimental value” is often deemed to be “priceless.” Putting a dollar amount on it almost seems crass.  

We get it. 

But getting wedding rings and heirloom jewelry insured is important for a few reasons: 

• Paying for repairs if it’s damaged. 
• Replacing diamonds and gems if they get lost. 
• Getting compensated for the entire piece if it gets stolen. 

Insurance is there to reduce the risk of owning important things. You have insurance on your car, your home, and even your bones. In most cases, homeowners’ insurance policies don’t cover the loss of jewelry. Policies often have coverage as low as $1500 for valuables like furs, watches, and jewelry. For about $10 to $20 a month, your insurance agent can add additional coverage that will insure your jewelry up to $10,000 to $20,000. This add-on is sometimes called a “rider” or a “floater,” and typically has no deductible. 

Another popular option is a standalone policy. This is insurance coverage specific to a piece of jewelry and isn’t connected to your homeowners’ policy. Many insurance companies offer this kind of standalone policy, and there are also agencies that specialize in jewelry insurance. Similar to the floater policy, standalone insurance will not have a deductible and cover many of the same things, like theft and damage. 

Prior to insuring jewelry, the insurance company will require an appraisal. This is a formal document that details the condition of your item, any flaws that are present, and the quality of your diamonds. By using accepted industry standards, the appraiser can determine an objective dollar value for your jewels. The document will likely include photos and drawings, as well as technical information the insurance company will need. Full-service jewelry stores like ours can do appraisals locally.  

If you have to file a claim, the process is identical to any other insurance claim. If your jewelry was stolen, you’ll need to file a police report. In the case of damage, this is where your appraisal will be very important. Your insurance company will work directly with the jeweler doing the repairs. If it has been lost or stolen, you’ll be compensated with a check. 

Jewelry is often overlooked when it comes to insurance and many people don’t realize the limitations of their current policy until it’s too late. The good news is, you can add insurance any time. The process is very simple, and people who have taken this extra step have been grateful when they’ve needed it. 

A common rule of thumb says that if it would be upsetting to you if your jewelry were damaged, lost, or stolen…that’s the jewelry you should get insured. 

Our staff can assist you with any questions you have about insurance and help you get your important items appraised. Visit us online or in-store at Shreve & Co. in Palo Alto, California.