Four jewelry insurance myths
Myth #1 – I don’t need additional insurance when my engagement ring is automatically covered on my homeowners policy
Frequently, homeowners (HO) insurance covers only a small dollar amount for jewelry loss unless you have attached a floater or rider to your policy. Jewelers Mutual offers broader coverage than your typical HO policy and ours is a separate policy for jewelry only. This is important in the unfortunate event that you need to make a jewelry insurance claim. A jewelry damage claim, jewelry theft or loss claim can potentially affect your HO policy premiums or eligibility.
Jewelers Mutual is the only insurance company to specialize only in jewelry insurance, and we’ve done so since 1913. The company has consistently earned an A+ Superior rating from A.M. Best Company. The American Gem Society and Jewelers of America exclusively endorse us as well.
Myth #2 – My HO coverage includes jewelry damage or loss, regardless of the reason the jewelry is missing
Typical HO policies do not cover mysterious disappearance. Jewelers Mutual does. We cover jewelry loss, jewelry theft, jewelry damage, and mysterious disappearance to name just a few. With Jewelers Mutual Personal Jewelry Insurance, you often have broader coverage than with most HO insurance policies, and we provide a repair/replacement policy. We want to return you to the position you were in before you had a loss.
Myth #3 – In the event of a jewelry insurance claim, I can use the jeweler of my choice to handle the replacement, regardless of the insurance provider
Not always true, as many insurers require you to work with a their preferred replacement company. With Jewelers Mutual Personal Jewelry Insurance, however, you can work with the jeweler of your choice for repair or replacement. We understand that you have a relationship with your jeweler and we want to make sure you are as comfortable as possible during the replacement process.
Myth #4 – I had my jewelry items appraised when I first got them. Is there really a need to have them re-valued?
An insurance appraisal provides a complete description of the jewelry for insurance purposes, along with the current retail replacement value at the time of the evaluation.
Re-valuations often take place when you bring your jewelry in for inspection. While Jewelers Mutual does not require annual valuations or inspections, we highly recommend them so the jeweler can check for any jewelry damage or wear and tear that could result in such problems as loose stones (and lost diamonds!), faulty clasps, or worn prongs. This is a good time to ask your jeweler to update the current retail replacement value, if necessary. Jewelry values may change over time and you want to make sure you have adequate limits of insurance.
Jewelry valuations and inspections are an important part of protecting jewelry. It is crucial to maintain current values, they help to prevent potential losses. As an added bonus, it’s a great opportunity to have your jewelry professionally cleaned, so your engagement ring sparkles just like the day your received it..