Jewelry Insurance

Here's the situation:

You just purchased an engagement ring or a different jewelry item.  It might sound unromantic, but insurance on your jewelry is incredibly important. You can't put a price on peace of mind and jewelry insurance will help take care of that.

What you need before you set up insurance on your jewelry:

  1. A written jewelry appraisal describing the jewelry item in great detail and giving an insurance value for the piece.  The place you bought the jewelry from should provide a complimentary written appraisal.  If this is not the case, you can go to another qualified jeweler or gemologist who offers jewelry insurance appraisal services.  The cost of this can range depending on the jewelry store but expect to pay anywhere from $50 - $125 per item. (We charge $50 per item but complimentary for an item purchased here!)

  2. If the item you purchased has a laboratory certificate, you will need to submit this to insurance. For instance, if you purchased a diamond engagement ring, the center diamond should have a laboratory certificate from such a company as GIA (Gemological Institute of America) which details the specifications of your diamond.

  3. If you rent or own an apartment and have insurance on it, you would be able to put your jewelry appraisal under the renter's or homeowner's policy.  If you don't have this type of insurance it may be time to look into it.


Here are the different options for insurance on your engagement ring and other valuable jewelry:

  1. Renter's or Homeowner's insurance

  2. Jewelers Mutual / Perfect Circle  (Insurance solely on jewelry)

  3. Many large insurance companies have jewelry insurance departments


Questions to ask before you choose a policy:

  1. Will the jewelry under the insurance policy cover theft, loss & misplacing the jewelry?
  2. How will the insurance company replace the jewelry?  With a check?  Or do they require you to purchase the piece of jewelry through a specific jeweler they work with?  (Important question, ideally you want to be able to choose your jeweler and not be forced to go to a certain place for jewelry replacement)

  3. Will the jewelry be insured to full cost or a fraction of the cost?

  4. What document or information will you need to prove the ring is lost or stolen?

  5. Are there circumstances where the jewelry won't be covered?  (Think of an odd or wild situation, like losing the ring in the amazon or on a safari in Africa)


What types of jewelry items should you insure:

  1. Diamond engagement rings

  2. Other gemstone engagement rings

  3. Precious metal wedding bands

  4. Family heirlooms

  5. Any other piece of fine jewelry if you paid $800 +

  6. Any fine watch you paid $1,000+


Average Cost:


The annual cost to insure your ring usually ranges from $1 - $2 for every $100 the jewelry is insured for.  So if the jewelry insurance value on your item is $5,000, you would expect to pay between $50 - $100 per year.  The rates can range per city & state depending on different factors such as the theft rate where you live.


Other Tips:

  1. Always read the fine print before signing up for insurance

  2. Make sure you are covered for situations that could potentially happen to you

  3. Insure your jewelry!  It's a must and a small price to pay for protection and peace of mind if something does go missing!


Freedman Jewelers is a 3rd generation family jewelry business located in Boston, Massachusetts. Freedman Jewelers provides jewelry appraisal services and can help guide one with what jewelry insurance choice may be best for them. Freedman Jewelers is in no part an insurance company.


Freedman Jewelers is located at the Jewelers Exchange Building in Boston. 
333 Washington St. ste 408 Boston, MA 02108.

For any questions, call 617-227-4294 or email [email protected].