There are many pieces of fine jewelry out there that are unfortunately not insured properly. When a piece gets lost, damaged, or stolen, people sometimes meet great disappointment when their insurer cannot properly replace an expensive and sentimental piece. Many people don’t know that homeowner’s and renter’s insurance will only cover, by default, a very limited amount of the replacement value.

Here are some tips to ensure that your precious jewelry is protected and properly covered if anything should ever happen to it:

The first option is to utilize your homeowner’s or renter’s insurance by adding a jewelry endorsement, or “floater” to your policy. Where a typical policy will only cover around $1,000-$2,500 per piece of jewelry, adding an endorsement to your policy will cover up to the specified appraisal amount. This coverage typically costs around $150 annually per $10,000 worth of coverage, or around 1% of the appraised value. While this can often allow you to keep your insurance all in one place, and is affordable, some policies do not allow for this arrangement.

The other option is to ensure your jewelry through an independent jewelry insurance agency, such as Jeweler’s Mutual. This is an especially good option for those who do not have homeowner’s or renter’s insurance. Another benefit is that jeweler’s insurance allows you to choose your own jeweler, where most other companies require that you use a jeweler from their specified network. This coverage follows you world wide and includes damage, theft, loss, mysterious disappearance, and same kind/quality replacement. A final advantage is that this type of coverage offers option of $0 deductible.

No matter what method you use to insure your jewelry, always work with a reputable and trusted jeweler, like Lauren B. Any insurance company will require appraisals for each piece of jewelry, and must be updated every 3-5 years due to the ever-changing cost of gemstones and precious metals. Having your appraisals updated is also a good time for you to have your trusted jeweler examine your jewelry to ensure it is secure, clean, and properly cared for.

Here at Lauren B, we want to make sure you are well-protected and that your jewelry lasts a lifetime. Our gemologists and qualified staff are here to answer any of your jewelry insurance and appraisal needs. Please stop into our showroom on the third floor of 608 fifth avenue, new york, new york.