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Jewelry & Valuable Items Insurance

Great Lakes Insurance Services Group

Jewelry & Valuable Items Insurance

From jewelry to an accumulated collection of art or related items, it is important to make sure anything valuable you own is covered by an appropriate policy. While it is true homeowners policies can cover some of the replacement or repair costs, there are definitely some circumstances where the homeowners policy may not cover jewelry and other valuable items, or may not provide enough coverage based on value of these items. Here are some items to consider acquiring additional insurance for:

  • Jewelry (engagement rings, gems, gold, etc.)
  • Antiques
  • Fine Arts
  • Camera Equipment
  • Sound Equipment
  • Computers / Electronics
  • Golf Clubs
  • Other Sporting Goods (Skis, Archery, Fishing)
  • Musical Instruments
  • Guns & Related Firearms
  • Furs
  • Valuable Papers
  • Silverware, China, and Crystal
  • Stamp and/or Coin Collections

Frequently Asked Questions Regarding Jewelry Insurance

Is my jewelry covered under homeowners insurance?

Homeowners insurance can provide limited coverage for jewelry in the event of an accident or catastrophe such as a fire. However, if the jewelry is simply lost, that won’t be covered by a typical homeowners policy.

What type of jewelry should I cover?

Really, anything that is valuable to you. This doesn’t necessarily mean in terms of dollars and cents, but also certain items that have emotional value too. That way, if something happens to that special family heirloom, if something happens to it, you will be able to have it repaired or replaced.

Should I have an appraisal done on my jewelry or valuable item?

Since the appraisal will include a detailed description of the property and also a current retail price, an appraisal can certainly be useful when trying to file a claim. Furthermore, since the market changes over time for items such as gemstones or gold, it is wise to have an appraisal done every few years to make sure any change of value can be accounted for in a policy. Appraisals, unless the item is purchased new, will almost always yield an out-of-pocket expense and can vary widely in cost. If you do get an appraisal, just make sure it is from a reputable or professional expert.

Are there different levels of jewelry insurance?

Yes, and comprehensive coverage can mean different things in different policies. Most will cover accidental damage or theft, but very good insurance can also cover “mysterious disappearance” or an unexplained loss. Be sure to talk to one of our qualified experts to get the coverage that is right for your needs.

How much does it cost to insure jewelry?

Again, this can vary widely depending on the level of coverage desired. Though, some jewelry and valuable item insurance can cost as little as 1% to 2% of the insured value.

Contact Great Lakes Insurance Services Group Today!