How To Insure Jewelry

REIMBURSEMENT VS REPAIR/REPLACEMENT

"Same Kind and Quality" Replacement Coverage

Traditional insurance policies often reimburse you for repairing or replacing lost or damaged jewelry with items of "like kind and quality." This means you face not only the emotional impact of losing a sentimental piece but also the stress of finding a comparable replacement. 

Jewelers Mutual provides a replacement of the "same kind and quality," ensuring that you receive a closely matched piece. Our jewelry claim professionals manage all communication and coordination with your preferred jeweler on your behalf, making the process seamless for you.
 

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HELPING PREVENT UNDERINSURANCE DURING MARKET SHIFTS

Insurance Value Adjustment (IVA)

After you insure a piece of jewelry, you may think you’re all set because its insured value has been established. But here’s the reality - the value of precious metals and stones can change frequently. Jewelry often appreciates over time, which means if you don't have a recent appraisal, you could be underinsured and face a significant financial loss if you need to file a claim.

Jewelers Mutual offers a complimentary service called "Insurance Value Adjustment" (IVA) that automatically adjusts your coverage and premium each year based on market changes. This applies if your appraisal is over two years old, but you can easily opt out and provide an updated appraisal instead. Since some states limit how much the IVA can increase, we recommend checking with your jeweler for the most accurate valuation of your jewelry.

A REPORT CARD FOR YOUR JEWELRY

Jewelry Appraisals

A jewelry appraisal determines the value of your entire piece, including the setting and stones. The easiest way to get one is by contacting your trusted jeweler.

An appraisal helps set the coverage limit on your policy. If your jewelry is overvalued, you might overpay for coverage; if undervalued, you could face unexpected costs for repairs or replacements. Accurate appraisals are crucial for finding a suitable replacement when filing a claim. We recommend updating yours at least every two years. If not, our optional Insurance Value Adjustment (IVA) service can help keep you properly covered.

To update your policy with a new appraisal, simply upload it to your account. In the "Account Summary" tab, click "View Details," then choose "Upload Appraisal".  

No Maximum Dollar Limit on Your Coverage
Each item is insured based on its documented value, determined by appraisals or receipts, or the specified IVA service amount, with coverage extending up to 100% of that value.
 

UNDERSTANDING INSURANCE LANGUAGE

What are Premiums and Deductibles? 

• A personal jewelry insurance premium, also known as your rate, is the annual cost you pay for coverage. It's like a subscription but for protection.
• In the event of a claim, a deductible is the amount of money you have to pay out of your own pocket before your insurance starts to help cover the costs. 

Choosing your deductible involves a trade-off: a higher deductible typically results in a lower premium, and vice versa. Essentially, you must decide whether you prefer to pay more upfront (in premiums) or potentially more later (in deductibles when making a claim).

Choose Your Own Deductible, Starting as Low as $0
Many insurance providers assign a fixed deductible or offer only two options—one high and one low—limiting your ability to tailor a plan that fits your budget. In contrast, Jewelers Mutual allows you to choose your deductible, with options starting as low as $0.
 

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JEWELRY IS OFTEN UNDERINSURED ON HOMEOWNERS POLICIES

Is Jewelry Covered Under Homeowners Insurance? 

Insuring jewelry on a homeowners policy may be risky. Homeowners coverage limits for jewelry are usually low, often between $1,000 and $2,500. Plus, homeowners deductibles tend to be higher than those for dedicated jewelry insurance. Claims may raise your premium or lead to policy cancellation. Additionally, homeowners insurance might not cover all risks, such as loss, diamond damage, or incidents while traveling. Jewelers Mutual provides all-perils coverage, protecting you against almost all risks unless specifically excluded.

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