You just spent a significant amount on a piece of fine jewelry. The next step — one that far too many people skip — is insuring it. Here's what you need to know from the team at Solomon Jewelers in Wichita.
Why Jewelry Insurance Matters
Homeowner's and renter's insurance typically covers jewelry only up to a very limited amount ($1,000–$2,500 in most policies) for specific covered perils. They rarely cover the most common jewelry losses: a stone that falls out of a setting, a ring slipped off while washing your hands, a necklace left in a hotel room. Dedicated jewelry insurance covers what your standard policy doesn't.
What Jewelry Insurance Covers
A good jewelry insurance policy (like those offered by Jewelers Mutual or BriteCo) typically covers:
- Loss — you simply can't find it
- Theft — from your home or while traveling
- Mysterious disappearance — no explanation required
- Accidental damage — a bent prong, a cracked stone
- Stone loss — a diamond that falls out of its setting
What It Costs
Jewelry insurance typically costs 1–2% of the appraised value per year. For a $5,000 engagement ring, that's $50–$100 per year — less than most streaming subscription bundles. For a $15,000 ring, roughly $150–$300 per year. For the peace of mind of knowing your most valuable piece of jewelry is fully covered, this is one of the best-value purchases you can make.
Getting an Appraisal
To insure jewelry, you'll need a professional appraisal documenting the piece's value. At Solomon Jewelers in Wichita, we can provide appraisals for insurance purposes. An appraisal should describe the piece in detail — metal, stones, measurements, and estimated replacement value. Keep the appraisal in a secure place (and a digital copy).
Update Your Appraisal Periodically
Diamond and gold prices fluctuate. An appraisal from five years ago may not reflect current replacement costs. We recommend updating your jewelry appraisal every 3–5 years to ensure your coverage accurately reflects what it would cost to replace the piece today.
Recommended Providers
Jewelers Mutual and BriteCo are the two most reputable standalone jewelry insurance providers. Both offer competitive rates, straightforward claims processes, and worldwide coverage. You can often get a quote online in minutes.
Contact Solomon Jewelers for an appraisal → or learn more about us →