Should You Insure Your Jewelry?

Fine jewelry tends to be given or received around life moments that you remember forever. Whether you’re gifted fine jewelry, purchased a piece for yourself or inherited sentimental pieces, you want to make sure it is protected in case of loss or theft. Memories can’t be replaced, but insuring your jewelry provides you with the confidence that you may be able to replace the jewelry piece if worst case scenario. Here are the most common questions we receive about insuring jewelry:


Why do people need to insure their jewelry?

In case of jewelry theft or loss, insurance allows you to replace your jewelry and have a full recovery of your loss.

How do I get insurance?

You can receive insurance coverage through an agency that provides homeowners insurance or renters insurance.

What do I need for coverage?

A written official appraisal from a jewelry company. It doesn’t need to be from the exact jewelry company you purchased the jewelry from. We provide appraisals for a nominal fee.

When should I get coverage?

As soon as you purchase the jewelry and receive an appraisal.

How much does an item need to be worth to insure?

It depends on the monetary value and sentimental value of the jewelry piece. It's recommended to insure pieces over $2,500 because insurance companies charge a deductible if you file a claim. Check with your insurance provider regarding your policy deductible.

What is the maximum amount you can claim?

There is not a maximum amount as long as you have an accredited appraisal for the item. Check with your insurance provider.

Why use a safety deposit box?

Jewelry is considered ‘vaulted’ if you have it in a safety deposit box, which means the insurance premiums on your jewelry may be much lower because it is heavily protected. 

Why get an appraisal from Michael E. Minden Diamond Jewelers?

We offer an accredited and affordable solution to help you properly insure your jewelry. We are professionally licensed to conduct jewelry insurance appraisals. We evaluate the item for its quality and value, then officially document the information required by insurance policies. Most often, appraisals can be done while you wait. Schedule an appointment with us today if you are in need of protecting your jewelry investment!



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