A key aspect of any jewelry coverage is documenting the type of jewelry, the specifics of the setting and the quality of the stone. (Photo: Kwangmoozaa/Shutterstock)
The jewelry market is expected to grow from $279 billion in 2018 to $480.5 billion by 2025, almost doubling in seven years. While the average cost of an engagement ring in 2019 was $6,350, many spend more on that for such a significant piece of jewelry. The presence of online jewelry sellers, such as Blue Nile or James Allen, make purchasing expensive jewelry easy, and Jewelry Television (JTV) makes buying less expensive jewelry even easier.
Loss claims
Jewelry is easily lost or stolen, and on the standard homeowners policy is covered for named perils only, with a limit of $1,500 for stolen property. The property can be scheduled for additional premium for open perils coverage, with wear and tear, insect or vermin damage, war, warlike acts, nuclear weapons, and nuclear hazard being excluded perils. This is not the only available option, however. There are specialty policies designed to cover only jewelry with staff trained in gemology who can work with an insured's jeweler to replicate the missing or damaged piece.
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Christine G. Barlow, CPCU
Christine G. Barlow, CPCU, is Executive Editor of FC&S Expert Coverage Interpretation, a division of National Underwriter Company and ALM. Christine has over thirty years’ experience in the insurance industry, beginning as a claims adjuster then working as an underwriter and underwriting supervisor handling personal lines. Christine regularly presents and moderates webinars on a variety of topics and is an experienced presenter.
