FAQ About Jewelry Insurance

Written by: Sue Fritz | | Insuring Your Jewelry

Engagement ring on woman's finger

At Lavalier, we help to insure all kinds of jewelry, from priceless family heirlooms to engagement rings. Buying jewelry insurance shouldn’t be confusing, so we’ve put together a list of some of the questions that our clients frequently ask. This should give you a better idea about what jewelry insurance is, how to go about getting it, and why it might be right for you.

Isn’t my jewelry covered under my homeowners or renters insurance? I already have a warranty; why do I need insurance?

If you have a homeowners or renters insurance policy, your jewelry may be partially covered. But a typical policy has limits for jewelry coverage, often as low as $1,000. Depending on the value of your jewelry, this might not be enough for you.  Many insurance policies are limited; for example, theft and some types of damage might be covered, but not loss or “mysterious disappearance.” If you simply lose your ring, you’re out of luck. You can typically buy extra jewelry-specific coverage from your insurer, but be sure you understand the details of what’s covered and what’s not.

Warranties are also limited. Typically, only repairs for manufacturer’s defects are part of the warranty. If the ring is stolen, if you lose it, or if a loose diamond falls out, you most likely will not be covered. Plus, most warranties require you to bring the ring back to the manufacturer every six months in order to stay in effect. Jewelry insurance through Lavalier gives you flexible coverage under most imaginable circumstances, including unexplained loss.

How do I buy jewelry insurance?

The first step is to have your jewelry appraised, preferably by a certified gemologist. Check back this week for our guide to jewelry appraisal for more information on that process. Then, use our simple online tools to get a quote and make a purchase. If you prefer, give us a call and our expert agents will be happy to help you. In just a few minutes, you can get approved and securely purchase your jewelry insurance. If you don’t have your appraisal nearby, you can still purchase coverage today; just send us your jewelry receipt and provide the appraisal in the next ten days. You don’t need an appraisal if your jewelry is valued under $5,000, as long as the receipt has a detailed description of the item.

What does insurance through Lavalier cover?

Jewelry insurance through Lavalier is comprehensive, so it’s easier to list what isn’t covered. For all the details, review an example policy. The things that aren’t covered are pretty rare events: extended radioactive contamination, war, confiscation by Customs or a public authority, willful or intentional misconduct or criminal act by the insured, and loss during illegal activity on the part of the insured. Wear and tear, manufacturer’s defects, and intentional loss or damage are also not covered. So generally speaking, unless you’ve got a vacation planned to a war zone or radioactive site, your jewelry is safe.

How much does jewelry insurance cost?

Most people are pleasantly surprised to learn that jewelry insurance is much less expensive than they expect. Lavalier’s flexible, customizable program lets you set the deductible, which is the amount you’re willing to cover.  This can range from $0 to $25,000. The higher your deductible is, the less your yearly premium will be. The premium is generally between 1-2% of the price of your jewelry. For example, if you wanted to insure a $10,000 necklace, you’d probably pay between $100 and $200 per year – that’s less than $20 a month!

At Lavalier, we want you to feel comfortable with the insurance process. If you have any questions about jewelry insurance in general or your situation in particular, please don’t hesitate to call one of our agents at (855) 477-6687. Your jewelry symbolizes some of life’s precious moments, and we’re always happy to answer any questions that will help you safeguard it.

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