I’ve never been a big fan of rings, so my wedding ring was the first ring I wore with any amount of regularity. Learning how to allow an expensive piece of jewelry to be exposed to everything else I do with my hands took some getting used to. It didn’t take long to get the hang of cleaning it, but I still never quite felt comfortable wearing it while I was doing something messy. I thought that taking it off when my hands would get messy was the most responsible approach, and this worked fine for quite a while. The problem is, that’s how I lost my wedding ring.
According to The Knot, the average wedding ring price is $5,200. Fortunately, mine was not that much. That being said, replacing it still threw a wrench into my family’s budget for longer than I’d like to admit. In retrospect, I probably shouldn’t have been so afraid to get my wedding ring wet, dirty, or covered in paint. Quality jewelry made from high-end metal is far more resilient and easier to clean than costume jewelry.
My advice to people like me? Don’t take off your ring! Wear it! Get it wet! Get it dirty! It’s metal and stone; it is easily cleaned and restored.
My second piece of advice? Get a good jewelry insurance policy for extra peace of mind.
What Issues Are Covered?
Jewelry insurance is a must for anyone with a large jewelry collection. In most cases, your homeowners or renters insurance is largely useless for anything more than a few moderately priced pieces. Jewelry insurance is a specialized policy that covers:
- Damage
- Theft
- Lost jewelry (oops)
In some cases, jewelry insurance may also cover certain preventative maintenance to help prevent more serious loss. This can include services like:
- Repairing or replacing clasps that aren’t working correctly
- Repairing earring posts
- Prong re-tipping and repair
- Resetting stones that slip out of place or replacing chipped stones
When Won’t My Homeowners Insurance Cover a Jewelry Claim?
Homeowners or renters’ insurance policies are primarily intended for major problems with your home itself. That includes replacing your roof after a severe storm or rebuilding after a fire. Many people naturally assume that these policies also cover everything inside the building. However, the amount that a standard homeowners’ insurance policy can actually help you with missing or damaged belongings is surprisingly limited.
Most policies only offer coverage of approximately $1,000-$2,500 for jewelry, electronics, musical instruments, and other high-value personal items. This means that you will be unlikely to get back the full cost of the pieces you most need assistance replacing. Getting a claim for a piece of jewelry approved can also be more difficult than you might expect. This is especially true if the issue was not the result of a larger problem with your home.
What Can be Protected?
Jewelry insurance policies typically cover most moderate to high-end jewelry, including watches. In some cases, it can also be a good idea to purchase coverage for lower-value pieces that are especially sentimental. Pieces you just purchased new, older pieces you have had for years, that gorgeous vintage eBay find, and heirlooms that have been in your family for generations usually qualify for some level of coverage. Our agents can evaluate your collection and provide recommendations for the best type of policy for you.
How Policies Work
Having your jewelry appraised is the first step in setting up your personalized jewelry insurance policy. You’ll need documentation of each piece’s current market value from a professional, which is used to assign an appropriate premium. In most cases, you can expect to pay about 1-2 percent of the total cost to replace each item per year. This comes to a much lower total than most people expect!
Let’s just say we would have very much preferred that number over what we spent on my second wedding ring. You may also need to bring proof of ownership and photos of your valuables to help us build a policy with the best possible coverage.
Protect Your Jewelry Without the Hassle
You truly never know the value of having adequate insurance coverage until that thing you assume will never happen does. It’s good to have a better backup plan instead of relying on myself, which would have left me in a much more ideal situation when my wedding ring went missing.
The people that gifted you expensive valuables never meant for it to forever live in your jewelry box. Don’t feel too afraid of losing or damaging it. My experience gave me a better personal understanding of why taking the extra step to protect it with jewelry insurance should never be overlooked.
Contact Northeast Nebraska Insurance today to have your jewelry collection appraised so you can feel comfortable wearing it to the full extent it was intended for!