Jewelry Insurance

A great friend of mine and client recently sent me an email telling me her rings had been lost. ツIts something you think will never happen but is devastating if it does. ツA couple of quick tips about your protecting your rings:

1. Never wear your rings into an open body of water (lake, ocean etc) - you may think your ring fits snug but when splashing around in the water the temperature difference in combination with the activity can cause your rings to slip right off.

2. Be careful doing dishes - the soap and water combined can cause your rings to come off and inevitably go down the drain. ツI take my rings off any time I am doing dishes or any sort of cleaning around the house - better safe than sorry.

3. Do not wear your rings swimming in a pool. ツMuch like tip 1 your rings can come off, but more importantly the chlorine can pit the metal - thereby damaging your rings.

4. In general to make sure you do not damage your rings or lose them it is important to not wear them at the gym or during any rough activity (heavy gardening, tennis, etc.) - any activity where you think the metal could get squashed against your hand.

[caption id="attachment_830" align="alignright" width="210" caption="The ring from the concert"][/caption]

I know it sounds silly but I was at a concert and wearing my engagement ring and a ring on my right hand and just my excessive clapping and my engagement ring made little pits into the metal of the other ring - it now looks like a waffle design.

I am also re-posting this information regarding jewelry insurance. ツMost homeowners insurance policies cover jewelry but only individual pieces costing between $2500 to $5000. ツIf your engagement ring, wedding ring or any family heirloom jewelry cost more than $5000.00 the insurance may not cover it. ツYou must check with your insurance company. ツIf you do not have homeowners insurance or renters insurance there are a number of jewelry insurance agencies in the market. ツHere are a few key questions I recommend asking your insurance agent 窶ヲ

  1. Is an appraisal necessary in order to secure full coverage?ツ (Most jewelry stores will be able to supply you with an appraisal 窶 fees can range from $75 to $175.ツ A certificate on the diamond from the GIA, AGS, EGL etc. is not the same as an appraisal).

  2. If there is a loss, can I choose between a cash payout or do I have to get a replacement piece?

  3. With the ever increasing cost in metals how does that affect my insured jewelry?

  4. What are my options in coverage for my jewelry?

  5. Are there any exclusions?

  6. In general you may wish to shop around for the right coverage as insurance rates can differ from company to company.ツ Also, if you travel quite a bit, especially to off the beaten path areas, you may want to double check with your insurance company regardingツthe specifics of coverage while traveling.

Here are some links to some insurance companies:

In the United States and Canada - ツJewelers Mutual (this is the only one I have personally worked with)

In Canada - ツChubb Insurance

In Europe - Hiscox

Worldwide - Only Jewelry Insurance