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Everything You Need to Know About JEWELRY INSURANCE

Posted by on February 26th, 2012 with 0 Comments

Many customers mistake the hardest material on earth for the toughest. Diamonds are not indestructible.

For lost jewelry….check the dryer!
I have heard the dryer is the number one place people lose a diamond.

JEWELRY FACT: The U.S. Justice Dept. reports over $1 billion in jewelry “disappears” annually. That’s 70% of all stolen personal property!


There are two basic jewelry insurance policies: Homeowners and Personal Article floaters.

A Homeowners policy is tied to the insurance on your home. If jewelry is lost, home owners policies typically pay the insured the current market value of the jewelry at the time of lost, less the deductible.

Personal article insurance differs in that it pays the insurer the amount that the item is appraised and insured for. This requires frequent appraisal updates.

People who have multiple pieces of expensive jewelry most often choose personal article insurance over homeowners.

25% of Americans surveyed believe it’s OK to defraud insurance companies.


Jewelry Appraisals are a huge part of our business. Unfortunately the public has come to demand that an item be appraised for more than it is worth!
Chain stores advertising “buy your jewelry with us and it will appraise for double!” has lead to many embellished appraisals out there. If my customer is unhappy with the amount we appraise their jewelry for, I explain to them why an accurate appraisal is more valuable than an embellished one. First, it saves money on the cost of insuring the jewelry. You pay less premiums when the value is less. An accurate appraisal will help the insurer set the proper premiums. Second, if you lose the jewelry, many times the insurer will replace the piece for its actual worth not the dollar amount on an appraisal.


Versailles Is APPROVED to Fill Insurance Replacements

CALL VERSAILLES for all yourLost or Broken Diamond Needs!
(925) 830-8844

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Happy clients say…

I have a Rolex watch from Versailles Jewelers that I love wearing everyday. The watch is a very handsome piece of jewelry that looks really great on me. In my business it’s important to look my best all the time and wear the best quality available.

— Matthew