Everything You Need to Know About Insuring Jewelry

Woman Putting Engagement Ring and Wedding Band on Finger

We’ve all gotten that terrible feeling of dread when realizing a favorite piece of jewelry was broken or has apparently grown legs and ran away from your jewelry box. When unfortunate incidents damage your jewelry, don’t worry about losing money and the item’s value. Jewelry insurance will guarantee you can keep your most treasured jewelry pieces protected and safe.


What is Jewelry Insurance?

diamond jewelry up close being held by tweezers

Jewelry insurance is a contractual form of risk management that protects you from financial repercussions if your jewelry item were ever to get lost, stolen, or damaged. Typically, incidents involving your jewelry will result in replacement, repair, or a cost reimbursement when you have jewelry insurance. There are several different ways you can go about insuring jewelry. If you are a jewelry collector or have even one piece that is sentimental and valuable to you, jewelry insurance should be a priority. 

Why Should You Insure Your Jewelry?

You might be wondering if the cost and effort that goes into insuring jewelry are really worth it. Jewelry and wedding ring insurance is an essential part of owning diamonds and keeping them safe. Life is unpredictable, and accidents can happen at any time. What if you accidentally drop the ring during your morning run or find it stolen while you’re on vacation?

You want to know that you can replace the old ring or fix the one that’s damaged. If damaging or losing your jewelry item would upset you, then the thing is valuable enough to insure. Especially when we consider sentimental items like family pieces and engagement rings, it becomes clear that insuring jewelry is essential.

How to Insure Your Jewelry

Now that we’ve convinced you to start insuring diamonds and other jewelry, how can you do it? The most important thing you can do is be knowledgeable about the jewelry you own. One way you can do this is by asking questions when you’re purchasing items. 

Ballon Bleu de Cartier 33 mm Steel and Diamond Dial Watch

If you are insuring jewelry you already own or getting wedding ring insurance, you need to get the piece appraised. You can’t fully protect your jewelry unless you know the value of it. An appraisal will account for all the most critical elements of the jewelry and diamonds, including carat weight, cut, color, clarity, quality of diamonds, types of metal and weight used, and any distinctive markings, model numbers, or stamps.

Before you begin this process of insuring jewelry, make sure your appraiser has the proper credentials to review your piece. You should make sure to reappraise your jewelry over time so you continue to have an accurate assessment of the value.

When it comes to insuring diamonds, they will come with a diamond certificate or grading report that describes the value of the diamonds and the materials within them. This option isn’t as in-depth as an actual appraisal, but it does list the measurements your appraiser would need to make the most accurate determination of its value for insuring diamonds. The details listed in the diamond certificate can also help identify and track down your diamonds if they are ever stolen. It assesses the quality of the diamond but not the actual value.

Insuring rings and other jewelry is important to do as soon as possible. The sooner your jewelry is insured, the sooner it is protected in the event of an incident. As much as we’d love to promise your new piece won’t get damaged any time soon, unpredictable things can happen at any time. There are a couple of different options for how you can go about getting insuring rings, necklaces, bracelets, and more.

Options for Insuring Jewelry

  1. Insuring jewelry through renter or homeowner’s insurance
  2. Specialized jewelry insurance

Insuring Jewelry Through Renter or Homeowner’s Insurance

If you own or rent a home and have homeowner’s insurance, you can buy an extension that will cover your jewelry piece specifically. This option will ensure that your jewelry is protected; however, there are some drawbacks to keep in mind.


It’s vital that you know a jewelry claim filed against your homeowner’s policy could affect your entire insurance policy. If the ring was ever lost or stolen, your premium might go up, and you could end up having to pay more money. Another issue that could arise is the eligibility for your homeowner’s policy could be affected at renewal.


Specialized Jewelry Insurance

14K Rose and White Gold Round Fancy and White Diamond Three Row Ring

If you don’t have homeowner’s or renter’s insurance, there are still ways you can go about insuring jewelry. You can take out a policy through an independent company specializing in jewelry insurance.

Insuring rings and other pieces through a specialized jewelry agency usually is better because the people handling your insurance are experts on that specific topic. One company you could choose for your jewelry protection needs is Jewelers Mutual. Call the companies, look at reviews, check out their website, and make sure you are familiar with the ins and outs of insuring diamonds and fine jewelry before you commit to one. Don’t be afraid to ask lots of questions and get all the details from your provider.

Questions to Ask When Purchasing Jewelry Insurance

Many key elements go into insuring jewelry, so it can be challenging to know what questions you should ask. You’ll want to get as much information as possible, so ask as many questions as you feel are necessary. Some of the questions you should be asking are:

Man using magnifier to look at diamond ring
  • If I get insured for a jewelry replacement instead of a cash reimbursement, where can I buy a new piece?
  • What happens if I can’t find a suitable replacement?
  • How do I need to prove the item has vanished if I make a claim that it was stolen or lost?
  • Are there any situations or circumstances that the insurance doesn’t cover?
  • What types of repairs contribute to the insurance deductible?

The critical thing to keep in mind when you’re asking questions is to be thorough and make sure you fully understand the policy before making a decision on insuring rings, diamonds, necklaces, and more.

Cost of Insuring Jewelry and Wedding Rings

Close up of $100 bills

Is getting wedding ring insurance going to break the bank? Prices depend on various factors, but don’t worry; your investment will be worth it in the long run! Like auto or home insurance, the insurance agency will provide you a customized rate depending on the specific risk characteristics. 

Things that determine the rate of jewelry insurance include the value of your jewelry, where you live, theft rates in your area, and whether or not your policy has a deductible. Keep in mind that premiums will always be higher for policies with lower deductibles or none at all.

Each agency and jewelry piece is different, but in general, insuring jewelry costs typically between one to three percent of the value of your item. In this case, on average, you can expect to pay about $1-3 for every $100 your piece is worth. The cost of the premium may fall outside of that range due to individual risk characteristics. 

You will only be paying a small percentage of what your piece is worth, and it will guarantee you can have it forever. Even though you will be spending the extra money on insuring jewelry, it will be more cost-effective than losing a valuable item and having to re-purchase it.

Insuring Diamonds with Fink's Jewelers

Finks Jewelry location in Tennessee

At Fink’s, we have a policy for insuring diamonds to help make sure they can stay sparkling and shining forever. The Fink’s lifetime guarantee will cover the replacement of your diamond ring, whether it was lost from the mounting or chipped while in the mounting. This service is guaranteed, provided you get your diamonds inspected by Fink’s every six months. 

This jewelry and wedding ring insurance covers engagement rings with a center diamond of .25 carats or larger, diamond stud earrings that consist of no more than one diamond in each ear, and diamond pendants that consist of no more than one diamond.

If you’re walking around wearing unprotected jewelry, we highly recommend you start the process of insuring jewelry. You will never have to worry about losing your precious piece forever or taking a financial blow because you had to replace it. When your jewelry is insured, we guarantee you’ll be able to flaunt it freely for as long as possible.