Tag Archives: jewelry insurance

Insuring Antique Jewelry: Q & A with Experts from Jewelers Mutual

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If you have antique jewelry, engagement rings, wedding bands, or other jewelry to be insured, the experts at Jewelers Mutual can provide coverage to suite your personal needs. Here are answers to frequently asked questions regarding jewelry insurance.

Q: Who are Jewelers Mutual and why should I choose them to insure my valuables?

A: Jewelers Mutual Insurance has been providing protection for private jewelry owners since 1913 and are one of the largest jewelry insurance companies to offer coverage to US and Canadian residents. They offer protection beyond what homeowners insurance can provide and have expert gemologists on their staff. They’ve received endorsement by the Jewelers of America, the American Gem Society, and the Canadian Jewellers Association.

Q: What does a jewelry insurance policy cover?

A: Whether you’re wanting to insure antique jewelry collections or a single diamond engagement ring, Jewelers Mutual offers comprehensive coverage that includes repairing and replacing items that have been damaged, lost, stolen or mysteriously disappeared.

Q: I have heirlooms, antique jewelry and wedding rings, how much is the deductible?

A: No deductible is necessary. Jewelers Mutual knows that when an engagement or wedding ring goes astray, or when a treasured piece of antique jewelry gets lost, damaged or stolen, the last thing you need is an added expense. In the event that one of your valued items is damaged or lost, you won’t have to pay anything. Unless you’ve specifically chosen a deductible to reduce your premiums, standard Jewelers Mutual personal jewelry insurance policies provide protection with no deductible.

Q: Will my antique jewelry pieces be repaired or replaced by an insurance appointed jeweler who may not be able to match the quality or workmanship of the originals?

A. Jewelers Mutual specializes in personal jewelry, which is often unique, antique or difficult to repair or replace through an impersonal jeweler, and that’s why they guarantee replacement with the same kind and quality by allowing you to choose your own jeweler. Additionally, you won’t even need estimates from various jewelers. You can work directly with a jeweler, gemologist, or antique jewelry shop of your choosing.  

How Important Is Engagement Ring Insurance?

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Unlike some other forms of insurance, like auto or home insurance, engagement ring insurance is optional.  This leads some people to question how necessary it is.  These days people are pushing insurance for all sorts of things so we often start to wonder how necessary any optional forms of insurance really are.

When it comes to engagement ring insurance or any other type of jewelry insurance it is a personal question.  The answer to that question will vary from person to person.  Fundamentally insurance is protection from an unexpected event.  When evaluating whether or not you should purchase ring insurance consider your risk factors including where you live and how careful the person who wears the ring is with it.  If you feel there is a decent chance the ring may be lost, stolen or damaged insurance is probably a good idea. 

The other thing to consider is how you would feel if something happened to it and whether or not you could replace the ring if something happened to it.  Some people would be more devastated than others if something happened to the ring.  Weigh in how you feel about this.

If you have homeowner’s insurance you will have some protection over certain conditions, but keep in mind this type of insurance will only cover up to a certain amount (often $1,000) and it won’t cover for all types of loss or damage.  Check your policy to see what it will cover before you make any final decisions on whether or not you should get engagement ring insurance. 

If you check your policy and you decide you want more coverage you have a couple of choices.  You can likely add a rider onto your home policy to provide added protection for your engagement ring.  The other option is to get a policy with a company that specializes in jewelry insurance.  This is often the best way to go if you want a robust policy that covers a wide variety of conditions.