Is It Important To Insure Your Jewelry?

Jewelry Box

If you’re planning on taking a vacation to Las Vegas, then you have the opportunity to purchase beautiful Las Vegas jewelry at Berger & Son jewelry store in the Fashion Show Mall. If you do purchase new jewelry at our store, we strongly recommend you purchase jewelry-specific insurance in order to protect your investment.

Although homeowner’s insurance and renter’s insurance will both provide coverage for your jewelry, it is a limited amount of coverage that may not be close to the actual value of your jewelry. The following are a few general things you should know about jewelry insurance:

Is jewelry insurance necessary?

Before purchasing jewelry insurance, consider the value. If you own a necklace you bought for $100 it’s probably not worth insuring it. However, if you have a valuable piece of jewelry worth thousands, then you’ll definitely want to have coverage in case it’s damaged or lost. You may even want to insure a piece of jewelry that may not be worth a lot, but has sentimental value and would be difficult to replace.

How much jewelry insurance do you need?

The insurer will provide you with a quote depending on what you claim the value of your jewelry is. However, in order to actually purchase the insurance, you’re going to need to get your jewelry appraised. This way, the insurer knows the exact value of the jewelry. In some cases, the value may have dropped or even gone up due to various factors, which will change the quote.

We recommend having your jewelry appraised every two to three years as the value can change over time, changing the amount of jewelry insurance you’ll need.

What does jewelry insurance cover?

Always make sure you know exactly what type of coverage you are buying. You should look for comprehensive coverage, which will at the bare minimum cover accidental damage, loss and theft.

The best type of jewelry insurance will also provide mysterious disappearance costs, which means you’ll be covered if you lose your jewelry and can’t remember how you lost it. Make sure your policy allows you to choose a local jeweler to do repairs if they’re needed – some insurers will require you to choose from a list of their preferred jewelers.

How much does jewelry insurance cost?

When it comes down to it, most coverage will cost you around 1 to 2 percent of the jewelry’s value, making it well worth the investment.

If you plan on buying jewelry in Las Vegas, shop our wide selection at our new location in Fashion Show Mall or call 702-737-7118.