If you have expensive jewelry and you don’t have specific jewelry insurance, you may be incorrectly assuming that your homeowners insurance has you covered. Often times, normal homeowners insurance will cover some small amount when it comes to jewelry. That’s because it can be difficult to prove what jewelry you had and how much it was worth and the insurance company doesn’t want to be held liable for those if they don’t have to. The jewelry that you have might only be covered up to $1,000 if you don’t have a rider to cover the jewelry specifically. And often times, homeowners insurance will only cover theft of jewelry by default.
Last year I proposed to my fiance, so I figure it’s about time I purchase engagement ring insurance. This isn’t like normal insurance where you list items that you want to itemize and claim a value. To get a quote and purchase engagement ring insurance you need to get the piece of jewelry appraisal by a certified jeweler. The insurance company is going to rely on this appraisal when giving you your jewelry insurance quote.
When looking for a jewelry insurance quote, you’ll need to specify whether you’d like replacement or dollar value coverage. Replacement coverage will replace the lost or stolen ring with a piece of jewelry that is similar or better. Dollar value coverage will replace your lost or stolen piece with money equal to its appraisal value.
There are a variety of jewelry insurance companies to choose from. One of the most popular jewelry insurance companies is the Jewelers Mutual Insurance Company. I like the idea of choosing a company that specializes in jewelry insurance. Jewelers Mutual offers what they call Perfect Circle insurance. Under Jewelers Mutual’s Perfect Circle insurance policy your jewelry is completely covered. Whether you’re at home or traveling abroad, Jewelers Mutual covers loss, theft, damage, and best of all, mysterious disappearance. Sometimes you just aren’t sure where the ring went. In those cases, mysterious disappearance covered is going to be crucial. Jewelers Mutual truly covers any way in which you may lose your jewelry.
Getting an Engagement Ring Insurance Quote
Getting an engagement ring insurance quote from Jewelers Mutual is extremely easy. You just have to put in your zip code and value of the jewelry.
Engagement Ring Insurance Premiums
For the sake of easy, let’s look at the jewelry insurance premiums for a $20,000 engagement ring. Insuring an engagement ring worth $20,000 with no deduction will cost approximately $380 per year. A $1,000 deductible drops this down to $312. That’s about as far as you can go with a “Quick Quote”, but a real quote will give you more options to select that will impact your insurance premium. The frequency with which you wear the item makes a significant difference, and the location in which it’s kept (alarmed safe, under the pillow, etc.) will also affect your insurance premiums.
If jewelry insurance is something you need, then I suggest checking out to see what Jewelers Mutual can do for you. A prudent purchaser will compare the price and benefits of Jewelers Mutual with the price and benefits provided by a rider plan on their existing homeowners insurance. Once I insure the engagement ring I can check back in with a few more details about the process.
(Photo courtesy of ilovebutter)