When Should I Buy Jewelry Insurance?

Written by: Sue Fritz | | Insuring Your Jewelry

When to Insure jewelry

People often have questions about jewelry insurance. You may be wondering if you need jewelry insurance, and when you should buy it if you do. If you own jewelry that you’d want repaired or replaced if it was lost or damaged, the time to purchase insurance is now. Hopefully, you’ll never have to take advantage of your jewelry insurance coverage, but it would be devastating to misplace a ring or have your collection stolen and be unable to replace those precious jewels. Remember, jewelry insurance is not retroactive. The time to buy insurance is before you need it.

While the obvious answer to “When should I buy jewelry insurance?” is “Now!” there are a few occasions in particular when you’ll want to seriously consider purchasing jewelry insurance:

When you buy a new item of jewelry

Make jewelry insurance a regular part of your jewelry purchases. It’s easiest to buy jewelry insurance (or add an item to your existing policy) at the moment you acquire the item. That way, you can rest assured that your entire collection is covered and you haven’t forgotten anything.

Some documentation may be required for jewelry insurance, and this is often provided to you at the time of purchase. You’ll have your receipt or appraisal handy, as well as a description of the item and its value. If you wait to purchase insurance later, you may need to have your jewelry specially appraised so it can be valued properly.

When you give jewelry to someone

Jewelry insurance is the perfect add-on to any precious gift. Not only does it show your thoughtful side, but it has saved many couples from arguments and tears when an item is lost. After all, the last thing you’d want to deal with if your wedding ring went missing is a frustrated spouse. When you include jewelry insurance as part of a gift, you know that if anything ever happens to the item, it can be quickly repaired or replaced. That peace of mind is absolutely worth the insurance payment, especially when it only costs 1-2% of the value of your jewelry per year!

When someone gives jewelry to you

Not everyone can be as considerate and well-prepared as you are, so some gift-givers may neglect to add jewelry insurance as part of a present. Make sure you get your new ring, earrings, watch, or necklace insured as soon as possible! You might even ask for the documentation (like a receipt or appraisal) if you feel comfortable enough with the giver. Just explain that you love the jewelry so much that you want to have it insured so nothing ever happens to it. Even if you don’t love it, insurance can help you avoid any awkward moments in the future, like when Aunt Millie says, “Show everyone that dolphin pin I got you!” and you have to confess that it’s gone missing. Even if you never wear it, jewelry insurance keeps it safe, so you’ll always be the favorite niece.

When you inherit jewelry

Inherited jewelry items are often heirlooms that have been passed down, sometimes through several generations. These pieces can be one-of-a-kind, so a loss is especially devastating. Take good pictures of your heirloom and prepare a detailed description so that it can be repaired or replaced to your exact specifications if you have to file a jewelry insurance claim. It’s especially important to get an appraisal when you inherit a piece of jewelry. Inheritances rarely come with paperwork, and you may be surprised at what an appraisal finds. That gaudy costume jewelry your grandmother used to wear might be the genuine article. Those diamond earrings your great-aunt treasured may actually be cubic zirconium. Once you find out the value of your inherited jewelry, you can make an educated decision about jewelry insurance.

When you’re ready to purchase jewelry insurance, contact Lavalier. We’ll give you a free quote online in under a minute, and it takes less than five minutes to buy jewelry insurance. If you have questions, call or email us, and our incredible customer service team will walk you through the process. It’s that easy!

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Lavalier is pleased to share this material with its customers. Please note, however, that nothing in this blog should be construed as legal advice or the provision of professional consulting services. This material is for general informational purposes only, and while reasonable care has been utilized in compiling this information, no warranty or representation is made as to accuracy or completeness.