The Importance Of Jewelry Insurance

Private art collectors, gallery owners, museum curators, and individuals with high-value artwork or jewelry need to protect their major investments. A single piece, no matter how big or small can carry immense value. Knowing what type of coverage and how much coverage you need requires an experienced advocate, like the professionals at Healy Brokerage.

A specialized jewelry insurance policy provides comprehensive coverage for high-value items This includes coverage against things like theft, or unexplained loss.

How Much Does A Jewelry Insurance Policy Cost?

The monthly or annual rate of a jewelry insurance policy can vary depending on the value of the item, as well as the way that items are kept, stored, or displayed. For something that you will wear frequently, such as a pair of high-value earrings or a high-value wedding ring the rate might be higher, as the risk exposure to loss is greater. As a ballpark example, something like a $5,000 engagement ring could cost as little as $50 per year to insure.

Fortunately, Healy Brokerage has decades of experience with helping jewelry owners and collectors to find the exact policy they need at a competitive rate.

High-Value Items

Do I Need Jewelry Insurance?

Whether or not to take out a jewelry insurance policy is ultimately a personal choice. While some lending institutions might require it as a term in the loan, jewelry that is owned outright is not required by law to be insured. Though it is a good idea to take out jewelry insurance for high-value items.

Jewelry often has an intrinsic value that doesn’t come with a clear price tag. Especially with vintage items and family heirlooms. At Healy Brokerage, we can help you assess the need for and coverage options for your most cherished items.

Does Jewelry Insurance Require An Appraisal?

Most of the time, you don’t need a formal appraisal or appraisal documentation to purchase a jewelry insurance policy. Though you likely will need an appraisal or other documentation to file a jewelry insurance claim. This makes an appraisal a very good idea. Having an appraisal performed by a licensed professional before taking out a jewelry insurance policy also helps determine the level of coverage you need to protect your most cherished pieces.

What Does A Jewelry Insurance Policy Cover?

Jewelry insurance can be customized to the piece, its value, and your needs. This includes the following things:

  • Accidental loss
  • Theft
  • Damage
  • Disappearance

What Isn’t Covered By A Jewelry Insurance Policy?

Some things are not specifically covered in a typical jewelry insurance policy. This includes things like:

  • Wear and tear
  • War and authority
  • Intentional damage
  • Damage or loss caused by pets & pests

Fine Art Insurance

While museums and large high-value private collections certainly need fine art insurance, many businesses with artwork on display might also want to consider taking out a fine art insurance policy. Especially if you have high-value artworks on display in common areas such as the lobby, hallways, or break rooms.

A Trusted Source For Fine Art Insurance

  • Art collectors
  • Galleries
  • Museums
  • Art dealers
  • Artists
  • Fine art auctioneers
  • Businesses with high-value art on display

The Benefits Of Fine Art Insurance

Fine art insurance helps protect your high-value pieces against damage or theft or other instances where the loss is irreversible. This also helps to protect the reputation of the organization that suffers the loss.

Fine art insurance also helps protect high-value artwork against transportation issues. When a piece is on the road it can be damaged by automotive accidents or even damage caused by traveling on rough roads.

With comprehensive fine art insurance, a single piece of artwork or an entire fine art collection can be covered from the potential damage. Of course, the loss of the artwork cannot be recovered, though the institution or the private collection can still be reimbursed enough money to cover the inherent value of the loss.

Trusted Experts On Your Side

With decades of experience in fine art insurance, Healy Brokerage possesses in-depth knowledge that allows us to accurately assess the type and level of coverage you need. This includes special situations such as making sure that your artwork has the insurance coverage it needs for special display as well as transportation.

Do I Need An Appraisal For A Fine Art Insurance Policy?

The average cost for a Fine Art Insurance policy for a small private collection can range from $109 to $259 per month. Though a larger collection of artwork that needs to be occasionally transported for something like a traveling display may have a significantly higher monthly premium. The experts at Healy Brokerage have the experience and industry access to assess the value of your fine art collection and ensure that it has all the necessary coverage it needs to give you the peace of mind you deserve.

How Much Does A Fine Art Insurance Policy Cost?

An appraised value is necessary for a fine art insurance claim. Having an expert appraise the value of all pieces that need coverage helps to ensure that your collection has the level of protection it needs. An appraised value can also be a factor for tax purposes. Especially if you intend to donate the artwork, and want to claim it as a tax deduction.