How to Insure Jewelry and Expensive Valentine's Day Gifts

Whether you’re giving your sweetheart a gorgeous diamond ring for Valentine’s Day or you’re the one who gets to wear the bling, don’t forget about protecting it with insurance. I know looping in your insurance agent may not seem romantic, but it can prevent a lot of heartaches if that expensive piece of jewelry gets damaged, lost, or stolen.

How to insure your valuables

Today, you’ll learn how to keep your Valentine’s Day gift or any valuables safe.

1. Get insured before you buy it

Anytime you’re thinking about making a big purchase, such as expensive jewelry, watches, or electronics, make sure you have a plan to insure it. Think about how devastated you’d be if you bought diamond earrings for your sweetie, and they got stolen or lost. I’m sweating just thinking about it!

Anytime you’re thinking about making a big purchase, make sure you have a plan to insure it.

Before you buy something valuable, communicate with your existing home or renters insurance representative or company. Find out if you need additional coverage—it’s likely that you do! In just a moment, I’ll give you some recommendations if you don’t already have a home or renters policy.

Let your insurer know what you’re planning to buy and how much it costs. If you’re still negotiating on price or you’re buying a second-hand item with an unknown value, start with your best estimate.

2. Get a certified appraisal

If the value of your Valentine’s Day jewelry is over a certain amount, your insurer will ask you to submit an appraisal. It must come from a gemologist who uses a variety of tools and their expertise to identify and value gems. It includes photos of your item and an estimated value.

Your insurer needs an appraisal to know precisely what they’re insuring. The document also protects you in case you need to make a claim.

The retailer who sells you a new piece of jewelry should provide you with an appraisal. However, an insurer may want an independent appraisal to verify the value. If you purchase heirloom or estate jewelry, it may not come with an appraisal.  

You can find an appraiser by getting recommendations or doing some research online. The cost varies depending on how intricate the item is and how long the work may take.

For instance, an antique ring with many stones and old-fashioned gem cuts will take longer to analyze than a brand-new diamond solitaire. For a relatively simple piece, the appraisal may cost in the range of $150 to $250. But I’ve...

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