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Decoding Jewelry Insurance cost

Check your rate 

Factors that impact your cost

Your insurance premium—what you pay monthly or annually for coverage—typically costs about 1–2% of your jewelry’s value each year. Your exact rate may vary based on several factors.

 

Jewelry value

Higher-value pieces typically have higher premiums, since they cost more to replace.

Deductible choice

It’s your call. You select a deductible that fits your budget and coverage preferences, giving you flexibility when it comes to both. A higher deductible lowers your premium, while a lower deductible increases it.

Location

Your location’s crime rates, theft risk, and local insurance regulations can impact your rate.

Discounts

Depending on your state, discounts may be available if you have a security system at home, store your jewelry in a safe deposit box, or have documentation showing your jewelry has been inscribed with an identification number from one of our approved industry partners, known as a “Gem ID.”

Payment plan options 

Depending on your premium, you may qualify for bi-annual, quarterly, or monthly payment options.

Understanding premiums

Think of your insurance premium as a subscription fee for protecting your jewelry. In return, Jewelers Mutual covers your jewelry in the event of loss or damage.

Premiums can fluctuate due to:

  • The value of your jewelry fluctuating

  • Market fluctuations due to inflation

  • Changes in risk factors (such as location or security)

*Pro Tip: Consider getting your jewelry appraised every two years to help keep your jewelry coverage accurate.

Understanding deductibles 

A deductible is what you pay out of pocket before your insurance coverage kicks in on a claim.

When choosing your deductible, it's all about balance, typically:

  • Lower deductible = higher premium (you pay more upfront)

  • Higher deductible = lower premium (you pay more later when filing a claim)

Most insurers offer limited options—usually one high and one low. Jewelers Mutual puts you in control. Pick the deductible that works for your budget, starting as low as $0.

Is my jewelry worth insuring?

Great question. Ask yourself, “If my piece of jewelry disappeared today, would I be...”

Replacement Cost
Unable to afford to replace it?
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Restricted by my existing insurance coverage?
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Heartbroken (jewelry is often sentimental)?
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Forced to use a company other than my trusted jeweler?
Jeweler mounting a diamond in a ring
Worried about accepting a lower-quality replacement?
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Concerned about my insurance premium increasing?
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If your answer is “yes” to any of the above—and your jewelry is valued at over $1,500—jewelry insurance from Jewelers Mutual is the best way to protect your jewelry. Remove that fear of losing your jewelry once and for all.

How much should I insure my item for?

A policy with Jewelers Mutual Group provides repair or replacement coverage. To help ensure you're properly protected, insure your jewelry for its replacement value—the cost to repair or replace it with one of the same kind and quality. 

You can find this amount on your sales receipt or in your jewelry appraisal. Since jewelry values can change over time, we recommend updating your appraisal every two years to help keep your coverage accurate. That way, you’re less likely to overpay for insurance—and less likely to be underinsured.

Resource center

 

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