Valentine’s Day shines as a beacon of love and affection, bringing with it the tradition of gifting that special someone something equally special – fine jewelry. The sparkle of diamond earrings, the glimmer of gold necklaces, the promise held in engagement and wedding rings, and the timeless elegance of premium watches. These treasures, often costing a pretty penny, become tokens of love exchanged during this heartfelt holiday. However, amidst the romance and excitement, there’s a practical side to these luxurious gifts that many overlook: insuring them.
It’s a common misconception that homeowner or renter insurance policies are a catch-all safety net for these precious pieces. But the reality is, a significant number of love-struck gift-givers are unaware of the need to insure their expensive tokens of affection properly, only to realize their mistake when it’s too late.
Ahead, we tapped Rachel Akmakjian, Director of Jeweler Relations for BriteCo for the top five things you need to know about insuring your jewelry and luxury watches
What You Need to Know About Jewelry Insurance
1- Timing is Everything
Make sure that your jewelry is insured the moment it is picked up from the store or delivered to your doorstep. Companies like BriteCo will cover you and your partner right away, even if you don’t live together, and we make sure to never ruin the surprise. This allows you to get coverage right away and know you both are protected right away!
2 – Be Specific
Jewelry is unique and has specific needs which is why I recommend looking for insurance companies that specialize in jewelry insurance. Compare coverage options, deductibles, premiums, and customer reviews to find the best fit for your needs.
3 – Weight Your Options
Understand the different coverage options available. Some policies offer coverage for specific risks like theft, loss, or damage, while others may provide more comprehensive coverage including accidental damage and mysterious disappearance.
4 – Know the Facts
Homeowners insurance is oftentimes not the best option. Although it can be convenient to have everything insured in a bundle, this option is often more expensive and tends to have less coverage. Understand that if you lose your item it can cause your entire homeowners policy to go up.
5 – Document Everything
Always keep detailed documentation of your jewelry, including appraisals, receipts, photographs, and any relevant certificates (e.g., GIA certificates for diamonds). This documentation will be essential and useful when filing a claim.