Jewelry is a popular Valentine's Day gift, but with soaring gold prices, protecting these valuables is crucial. Experts advise insuring jewelry worth over $1,000, especially sentimental pieces. Learn about the cost, options, and tips for ensuring your jewelry is adequately covered.
Jewelry ranks among the top five gifts for Valentine's Day , according to the National Retail Federation. Given today's soaring gold prices , protecting these valuable presents is more crucial than ever. Imagine the heartbreak if that cherished piece gets lost, damaged, or stolen! Kellie Schaub was considering resetting a vintage diamond ring she recently inherited from her late grandmother. 'I got the ring, and it really means a lot to me,' she said.
Mike Cleves, owner of Cleves and Lonnemann Jewelers, suggested insurance, especially with the high cost of diamonds and gold. Gold was selling for $2,800 an ounce at the end of January, meaning even a small solid gold ring could be worth $250 or more. Recognizing this, Cleves routinely advises buyers on jewelry insurance. 'We usually do,' he said. 'If you don't have to worry about it so much, you might be more inclined to wear it.' Cleves recommends insurance for anything exceeding $1,000 in value. 'If you lose it and you are not insured, it is all on you,' he cautioned. NerdWallet personal finance expert Kimberly Palmer agrees, emphasizing the emotional value attached to certain pieces. 'That's things like an engagement ring, wedding band, a special necklace,' she said. 'because if you were to lose it or have it be damaged, it would be difficult to replace.' Palmer notes that insuring your precious stones costs 1% to 2% of the item's value per year, roughly $50 to $100 for the average diamond engagement ring. You can obtain insurance through a standalone jeweler, or via your homeowners or renters insurance. Palmer encourages thorough review of policy terms, highlighting any exclusions or additional benefits. 'Some policies, which are a little pricier,' she said, 'tend to add things like ongoing maintenance of your jewelry.' She also suggests saving all paperwork for your item, including receipts, to expedite reimbursement. Mike Cleves recommends taking pictures of insured jewelry, allowing shops to recreate the piece once insurance pays. 'Make sure you have good pictures and a good description,' he said. This way, if the worst happens, you're financially protected and avoid wasting your money
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