Should All Jewelry Be Insured?

We know that valuable and irreplaceable jewelry should be insured. But how expensive does jewelry have to be to warrant insurance, and which jewelry cannot be replaced? If your jewelry box holds a variety of pieces from cheap earrings picked up in a craft market to an expensive diamond ring, then you should be selective in the jewelry you insure. Some things might be more obvious than others.

Should You Insure Heirloom Jewelry?

Some pieces of jewelry are not worth a lot of money but they still hold value for us, sentimental value. If you would be heartbroken to lose a piece of jewelry, even if it is not worth a lot of money then you should consider getting it insured. Memories are priceless, and some heirloom jewelry should be insured. An appraisal might not determine that it is valuable but for you personally, the value is clear.

Should You Insure Antique Jewelry?

Unlike family heirlooms, antique jewelry does hold financial value simply because its age makes it rare. Antique jewelry is often irreplaceable because it is one-of-a-kind or because the cost of replacing it would be prohibitive. Old jewelry is also at risk of deteriorating because of its age, and insurance that includes preventative maintenance or damage repair could mean the difference between a piece of antique jewelry surviving or disintegrating. Not only that, but expensive antique jewelry is at high risk of theft. Antique jewelry should be insured.

Should Pearls Be Insured?

When you’re talking about diamonds and gold it seems clear that they should be insured but what about pearls? The quality of pearls varies drastically depending on the size, type, color, and whether they are natural pearls or cultivated. A pearl could be worth as little as $40 and as much as $2,000. But should they be insured? The short answer is yes. And the reason is that pearls are prone to just as much risk as gold or diamonds. They can be stolen, or lost, and when it comes to a pearl necklace it can easily be lost or damaged if the string breaks or stretches. If your pearl jewelry has sentimental value, is antique, or would be difficult to replace, it should be insured.

Should You Insure Your Engagement Ring?

Yes, it is important to insure your engagement ring because it has both monetary and sentimental value. If your engagement ring was stolen, lost, or damaged it would be important to get it replaced or repaired as soon as possible. With compensation from one of the top engagement ring insurance companies, you would have the money to replace your ring. With the top jewelry insurance companies, you can choose which jeweler to work with to replace a lost or stolen engagement ring.

How To Decide Whether To Insure Your Jewelry?

Firstly jewelry with monetary value should be insured. To help you decide whether to get your valuable jewelry insured ask yourself these questions:

  • Would you be able to finance the replacement of your jewelry if it was lost or stolen without the help of insurance compensation?
  • Is the jewelry worth more than $500?
  • Is your jewelry at risk of theft, loss, or disappearing mysteriously?
  • Is your jewelry at risk of being damaged or broken?

Secondly, if your jewelry has sentimental value then you should talk to an insurance company representative about getting it insured. Ask yourself these questions:

  • Has your jewelry got sentimental value?
  • Would your sentimental jewelry be replaceable if it were lost or stolen?
  • Could you afford to get your sentimental jewelry repaired if it were damaged without the help of insurance compensation?
  • Is your sentimental jewelry at risk of being lost, stolen, or damaged?

How Much Does It Cost To Get Jewelry Insured?

If you’re hesitating about getting your jewelry insured because you’ve got no idea how much is engagement ring insurance, you’ll be surprised to hear that jewelry insurance is not expensive. After you have had your jewelry assessed by a professional appraiser, you will know the exact cost of your jewelry insurance. But it costs approximately 0.5%-3% of the value of your jewelry. If you are deliberating over whether to get your jewelry insured then discuss your doubts with a jewelry insurance provider.