Planning to buy a special piece of jewelry for your spouse?
Consider a personal articles insurance policy for your jewelry. On a weekly basis we hear one of two stories about insuring jewelry from prospective or current clients.
- “Janet, she is so careful with her jewelry I cannot imagine that ever happening.”
- “There was this one time, Janet lost her ring. There went $3,000. We figure it was lost at the restaurant.” Or “stolen at the YMCA.” Or “fell off at the lake.” Or “we think it could have been the cleaning lady at the hotel.” Among many others…
What do both of these situations have in common? Limited to no insurance coverage
Homeowners insurance may provide limited jewelry coverage but the amount and type of coverage will vary among insurance carriers. For example, a homeowners policy may cover around $1,000-$2,000 in jewelry but can be subject to a high deductible and have limited coverage such as only if its stolen from your home.
What’s your comfort level?
We have clients that do not insure $20,000 diamond rings and we have clients that insure $500 rings. There is no right answer to this other than you should understand what you are willing to risk.
Here are your options.
Self insure your risk – Don’t do anything and automatically assume your limited to no coverage with your homeowners policy. We have clients in this category, one even says “If I can’t break or lose it, then I can’t afford it.”
However, if it makes you uncomfortable to wear or enjoy your jewelry then we would recommend buying some peace of mind through a personal articles policy.
Personal articles insurance – Schedule the important jewelry in your household or better yet get a “blanket” limit to cover all of your jewelry subject to a maximum limit. Cost varies but to give you a middle of the road idea, use a $1.00 rate per $1,000 in jewelry. For example, if your spouse has a $2,500 ring the insurance cost on a personal articles policy would cost about $25 a year with a $0 deductible.
Be intentional with your personal insurance and cover what has enough value to you. Talk with your trusted insurance adviser to best understand your options.
Jeremy Hyde | Colligan & Company
Great write-up.
Your blog on insuring my jewelry is spot on.
I like what you put in writing this web site. People have all kinds of insurance needs.
Hi there, just became alert to your insurance blog through Google, and found that it is really informative.
Thanks alot : ) for your insurance blog post. Helps me on my jewelry!
Awesome jewelry insurance post! Keep up the great work! :)
Definitely, what a fantastic website and instructive posts, I surely will bookmark your website. My wife should schedule her ring insured properly. I’ve heard it is called an inland marine policy too. Have an awesome day!
I need to get my ring insured!
I’m glad I came across your insurance website. My wife was asking about her wedding ring so this makes a lot of sense. Thanks
I’ve had several pieces of valuable jewelry uninsured! Good to know! It’s easy to assume or forget about these things
https://colliganandco.com It is the best site I have ever visited about insurance!
I’m glad you are local and can help me out on these kinds of mattres
You’re doing a great job! Keep going! Good luck! :)
My wife lost her ring and it cost us $10,000. I should have known. Thanks,
Thank you for the insurance article.
I was just looking this up for my soon to be wife. Good to know about getting insurance on her engagement ring!
I assumed my rings were covered on my home insurance! Good to know!
The public needs to know you need homeowners insurance does not cover jewelry very good, you need to have a jewelry policy!
I need to get my wedding ring insured!
My wife is happy to have her jewelry covered, it gives her peace of mind to buy this insurance
Good info if you need to get your jewelry covered, don’t assume!
I have a very expensive engagement ring and need to get it insured.
If you have expensive jewelry make sure you get it insured correctly
Ring insurance is important
My wife needed this coverage in the past and grateful we had it! Buy this for your expensive jewelry!
I’m happy I insured my mom’s wedding ring properly
Noone wants to pay for it until its too late
I’ve worried about my rings but now I don’t have.
My Rolex from grandpa should have some insurance, I love this thing
My fiance has a $10,000 engagement ring, we gotta get some of this!
I’ve had a couple friends lose their wedding rings, I’m sorry to hear about it and why I just keep buying this
My wife lost her engagement ring, we didn’t have any insurance on it. Annoying
Hi there. I found your website by means of Google whilst looking for a related subject, your site came up. It appears great. I have bookmarked it in my google bookmarks to come back then. I need help sometimes, Shirley
Great post. I am going through a few of these issues as well.. Cani Mart Naima
Really good idea to protect your jewelry
I really am clumsy with my rings, I’ll get them insured with you. Thanks
My mom had her $40,000 ring stolen at a restaurant parking lot, it was terrible
I lost my engagement ring, help!
My wife lost her ring, too late to buy it, @#$%^@#
Thanks Colligan, interesting article.
My best friend lost a $50,000 ring once, it was terrible, I bet she wishes it was insured now