Are you in the market for gem and jewelry insurance? If you’ve had your items appraised and gone through our list of important questions for your insurer, you’re ready to consider gem and jewelry insurance quotes. You’ll gladly pay for the jewelry and gemstone insurance policy that meets your needs. But you shouldn’t gladly pay more than you need. Ask your agent these four questions about your quotes so you can reduce your premium.
By International Gem Society 1 minute read
agate collection

Agate collection. Photo by thespark*. Licensed under CC By-SA 2.0.

1. Can I Lower My Premium by Increasing My Deductible?

This is a very common way to reduce insurance costs for many policies with deductibles.

2. Are There Special Precautions I Can Take That Will Also Lower My Premium?

If your coverage doesn’t require you to take security measures for your collection, you might be able to get a discount for storing your items in a home safe or safe deposit box.

If certain pieces in your collection never leave your house, ask if that can factor into a lower cost for coverage.

All gems should be cared for properly, not simply stashed away. However, some gems, like pearls and opals, have special storage and care needs. Ask if an investment in a sound maintenance routine can lower your jewelry insurance quotes.

unclaimed property - jewelry insurance quotes

Securing your collection may help lower your jewelry insurance quotes, but you also need to maintain your pieces properly. This jewelry box was kept in a safe deposit box, but the bank turned it over to the Unclaimed Property division of the Missouri State Treasurer’s Office because the bank had no contact with the owner for five years. Photo by KOMUnews. Licensed under CC By 2.0.

3. Is Blanket Coverage a Better Option for Me?

If your gem and jewelry collection consists of many low-value pieces, ask about blanket coverage. You can insure the entire collection for its total value. In the event of loss or damage to one item, you may receive either a percentage of the covered total or an amount up to a per-item limit based on the policy.

4. Can I Accept Partial Insurance Coverage?

Carefully consider all the risks that your quoted policy will cover. If you’re comfortable with removing some coverage and assuming more risk, your premiums will be lower.