The Jewelry Box Blog

How to Choose Your Jewelry Insurance Deductible

Is engagement ring insurance worth it?

Insurance can be confusing. The insurance industry uses a lot of specific jargon that you likely do not use on a regular basis. (Deductibles, and premiums, and claims! Oh, my!)

Don't let these unknowns steer you in the wrong direction. Let's clear up some of these gray areas - right here, right now. We want you to feel as confident as possible that you're choosing the best jewelry insurance plan for you. Let's go over these common questions regarding jewelry insurance deductibles.

What is an Insurance Deductible?

An insurance deductible is the amount of money you have to pay out-of-pocket when you file a claim for jewelry damage, theft or loss. After the deductible is met, your insurance company pays their portion to cover the cost for your jeweler to repair or replace your jewelry with the same kind and quality as the original.

Deductibles are easily confused with insurance premiums. Your premium is the set amount you pay each year to maintain your insurance coverage. You pay this portion regardless if you file a claim or not.

While deductibles and premiums are separate entities, they're interrelated. The higher deductible you choose, the lower your premium will be.

Want to learn more about jewelry insurance through Jewelers Mutual Group? Read our guide.

How to Choose an Insurance Deductible

When you choose a deductible, consider the amount you're willing to spend in the event of damage, theft or loss. Up to what amount would you easily be able to cover, given your current finances? That amount is a great starting point.

Similarly, think about your budget and how well you're able to adjust to unexpected expenses. A premium is something you can plan on and budget for. A deductible only comes about in the unexpected event of damage or loss, kind of like that surprise car repair you didn't see coming.

Another smart strategy is to compare the cost savings depending on which deductible you choose. Do you save a lot each year by slightly increasing your deductible? The higher deductible might be worth the risk. On the other hand, if the cost savings isn't much, you might prefer to have a $0 deductible.

In Conclusion

Choosing the right jewelry insurance deductible is a personal decision that depends on your specific situation.

While a $0 deductible might be great for your friend who never strays a dollar out of his budget, you might rarely wear the jewelry you're insuring and prefer to risk the chance of shelling out some cash for a loss in favor of annual premium savings.

Either way, buying jewelry and the insurance to protect it is an investment - one that uses your hard-earned money - and that's a big deal. If you'd like to see what your deductible options are through Jewelers Mutual Group, click the button below. 


There are so many benefits of a insurance policy through Jewelers Mutual, but don't just take it from us! Check out what our policyholders have to say.


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About Jewelers Mutual Group

Jewelers Mutual was founded in 1913 by a group of Wisconsin jewelers to meet their unique insurance needs. Later, consumers began putting their trust in Jewelers Mutual to protect their jewelry and the special memories each piece holds. Today, Jewelers Mutual continues to support and move the industry forward by listening to jewelers and consumers and offering products and services to meet their evolving needs. Beyond insurance, Jewelers Mutual’s powerful suite of innovative solutions and digital technology offerings help jewelers strengthen and grow their businesses, mitigate risk, and bring them closer to their customers. The Group insurers’ strong financial position is reflected in their 37 consecutive “A+ Superior” ratings from AM Best Company, as of November 2023. Policyholders of the Group insurers are members of Jewelers Mutual Holding Company. Jewelers Mutual is headquartered in Neenah, Wisconsin, with other Group offices in Dallas, Texas and Miami, Florida. To learn more, visit