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  • Dan Frankel

Insuring Your Jewelry

Updated: May 13, 2022

Fine jewelry values can be highly volatile, as worldwide demand for precious metals and gems grows along with the economies of developing nations such as India and China. Since 2000 the price of gold has both increased by, and fallen by, as much as 27% in a single year.

In a rising market, it’s best to keep appraisals current to make sure that your jewelry collection is insured to its proper value. Similarly, in a falling market, you can avoid over-insuring.

Properly insured jewelry may enjoy coverage of as much as 150% of the appraised value, helping ensure it can be replaced in the event of a loss.

Numbers to know before you insure your jewelry

Take a moment to consider your jewelry and consider the options for insurance. How much is each item worth, and what is the total value of jewelry you'd like to insure? Also, what is your home insurance deductible? If not scheduled, jewelry would be subject to the deductible and a standard, unendorsed home insurance policy only provides $500-$1000 of coverage.

Tips for protecting your cherished jewelry collection

  • For items valued more than your home insurance deductible, insure your collection on a per-item basis according to each item’s appraised value.

  • Less expensive items may be insured on a blanket basis with high per-item limits. For many people, it makes sense to insure the bulk of a collection on a blanket basis, with very special items scheduled separately according to their appraised value.

  • Be sure to schedule multi-item sets such as earrings. If one earring is lost, for instance, insurance would pay for the replacement of both items in exchange for the remaining earring.

  • If an appraisal or receipt isn't available, photograph and inventory each piece of jewelry. In the event of a loss, this will expedite the claims process.

  • Keep a copy of your appraisals, along with your photos, separate from your collection. If your collection suffers a loss, your paperwork won’t.

  • Keep your collection in a dry, safe place away from the elements and out of view of common visitors to your home. A fire-proof safe is ideal.

  • Have your jewelry collection appraised at least every three years, so that your investment is properly insured.

Acacia Insurance has been helping to make the unexpected uneventful since 1988, and we look forward to working with you. Please contact us with questions and for additional information.


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