Our Affiliate Policy

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SHOULD I BUY THE STORE'S JEWELRY INSURANCE?

Sometimes when you buy jewelry the store will offer you an insurance plan to go with it. These plans can be a very good idea, or a waste of money, depending on your circumstances. Here are a few quick questions to ask yourself before you buy store sponsored insurance:

• Am I already covered through my homeowners or rental policy? Or can I add my jewelry onto my home or rental policy through a special "rider" to my policy?
• Am I really going to stop in here several times a year, Should I Buy The Store's Jewelry Insurance?

Sometimes when you buy jewelry the store will offer you an insurance plan to go with it. These plans can be a very good idea, or a waste of money, depending on your circumstances. Here are a few quick questions to ask yourself before you buy store sponsored insurance:

• Am I already covered through my homeowners or rental policy? Or can I add my jewelry onto my home or rental policy through a special "rider" to my policy?
• Am I really going to stop in here several times a year, paperwork in hand, to have this piece of jewelry checked if that is required? What if I move, is this store-sponsored insurance transferable to another location?
• Will this store be here in ten years? How long have they been here?

If I have homeowners or rental insurance, and all I need to do is submit paperwork to my agent, am I really going to do that? Or am I going to procrastinate and never get around to it?

Most jewelry stores who have a jeweler on the premises will check and clean your jewelry for free while you wait, so you don't need insurance for that. And if you have homeowners insurance, you may be already covered, but you may need to submit appraisals (or store receipts for new jewelry purchases). Check the fine print on the store-sponsored insurance. Some require you to keep paperwork records over long periods of time, and to bring those papers to the store each time you have the item checked so they can validate them. Are you really going to follow through with that? On the other hand, the store insurance might be a good deal if you are unlikely to address the insurance issue any other way.

However you choose to insure your jewelry, Mrs. Gottrocks advises you to always be sure to insure at least your wedding jewelry. As for your other pieces, weigh the cost of insurance vs. how much it would cost you to replace it, and your likelihood of being robbed, or losing the piece. We always say if you can afford to, insure it! But check out the various options before you commit to any insurance plan.

If you have any questions, please feel free to contact us.

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