Insuring jewelry: When it's worth it and what you need to consider

High-quality jewelry often holds great value, not just financially but also emotionally – a grandmother's heirloom, an engagement ring, or a gold chain for a birthday. If such a piece is lost, stolen, or damaged, the loss is enormous. Jewelry insurance can provide coverage in such cases. In this guide, you will learn when insurance makes sense, what options are available, and what you need to look out for.

Is jewelry automatically insured?

Many people believe their jewelry is automatically and fully covered by their home contents insurance. This is true – but only partially:

• Home contents insurance: Generally covers theft (burglary), fire, and water damage. However, jewelry is often only covered up to a certain value limit (often 20% of the insured sum). Loss outside the home (on the street, on vacation) is usually NOT covered by standard home contents insurance.
• Travel insurance: Some travel insurance policies cover luggage loss, but jewelry is often excluded or only covered up to a small amount.
• No insurance: If you don't own any jewelry worth several hundred euros individually, you may not need additional insurance.

When is separate jewelry insurance worthwhile?

Separate insurance is worthwhile if:

• You own pieces of jewelry whose individual value is 500 Euros or more
• You have heirlooms or emotionally irreplaceable pieces
• You regularly wear your jewelry outside the house (travel, work, events)
• Your home contents insurance does not cover jewelry, or only covers it up to a small amount

Insurance options for jewelry

Extension of home contents insurance

The simplest option: Insuring jewelry for a higher value explicitly in your home contents insurance. This is often possible by:

• Increasing the sum insured for valuables (explicit clause for jewelry, watches, art)
• Including an individual piece with a value certificate in the contract
• Extending to external insurance (also outside the home)

Special jewelry and valuables insurance

Some insurers and specialists offer separate policies for jewelry, art, and collectibles. These are often more comprehensive than home contents extensions and also cover:

• Loss (not just theft)
• Damage due to accident or dropping
• Transport damage worldwide

Bank safe deposit box

Not insurance, but a protective measure: Storing very valuable items securely in a bank safe deposit box, which you only take out for special occasions. Most banks automatically insure the contents of the safe deposit box up to a certain amount.

Having jewelry appraised – the basis of any insurance

For meaningful insurance, you need to know the current replacement value of your jewelry. This is how you do it:

• Jeweler's appraisal: A reputable jeweler can appraise jewelry and issue a valuation report. Costs: typically 50–150 Euros per appraisal, depending on the effort.
• Keep purchase receipts: Invoices, certificates, and sales receipts are very important in the event of damage.
• Take photos: Photograph every valuable piece of jewelry from several angles and store the pictures securely (cloud, external hard drive).
• Document description: Record material, weight, type of stone, carat value, and special features in writing.

What to do in the event of damage

If jewelry is stolen or lost:

1. File a police report immediately: In case of theft, always file a report with the police – the insurance company requires this as proof.
2. Inform the insurance company: Report the damage to the insurance company without delay (usually a deadline of 24–72 hours).
3. Submit documentation: Have purchase receipts, photos, appraisals, and the police report ready.
4. Clarify value: The insurer will check the current replacement value – your previously prepared documentation is golden here.

Prevention tips

Insurance is important – prevention is better:

• Store very valuable items securely in a safe or bank safe deposit box
• Do not take all jewelry with you when traveling
• Do not leave valuable jewelry unattended in public changing rooms
• Take off jewelry during sports and at the playground

High-quality jewelry investments at Corelune Jewellery

If you invest in high-quality jewelry, good protection is also worthwhile. At Corelune Jewellery, you will find quality jewelry with transparent material specifications – the perfect basis for sound insurance. Discover our collection!