If you have a collection of pearls, you already know that this style of jewelry is exceptionally precious, with real pearls often valued at thousands of dollars. This is why it’s so important to protect your pieces with proper care and by investing in personal jewelry insurance.
The everyday essential, frequently misplaced because of their small size.
High-value black pearls that are easy to lose while traveling.
One of the most worn pieces — and often a family heirloom.
Among the rarest and most expensive cultured pearls.
Having insurance on jewelry ensures that your cherished valuables are covered in the event of theft, loss, mysterious disappearance, damage, and other unfortunate scenarios.
Here’s what you need to know about the inherent risks that come with owning fine pearl jewelry and how you can best protect your entire collection.
Whether your preference is for beautiful freshwater pearls, cultured pearls, or natural pearls, there are some universal risks that come with owning such stunning jewelry. One of the most significant is the risk of a financial loss if anything happens to your valuable pieces.
According to GIA, Pearls are organic gemstones and sit low on the Mohs hardness scale, which makes them more susceptible to surface damage, chipping, or abrasion compared to other gems. Insurance adds an extra layer of protection for these naturally delicate treasures.”
If the jewelry is stolen, lost, or damaged (and if you’ve owned pearl jewelry for a while now, you know how easy it is to damage), you could end up paying thousands of dollars to repair or replace it.
Here are just some of the common situations that could happen, putting your pearl jewelry at risk:
All of these scenarios can be heartbreaking, but they don’t have to be the end of the story if you have insurance.
South Sea pearls have some of the highest values in the pearl world and are commonly worn for special occasions — which also makes them prone to loss or impact damage. A must-insure piece.
Unique, one-of-a-kind shapes, like baroque pearls, make replacement difficult and pricey — ideal candidates for insurance.
In all of the above scenarios, jewelry insurance companies can become real superheroes. When the unthinkable happens, a specialty insurance provider can step in to cover your repair or replacement costs with little to no out-of-pocket cost to you.
No matter the type of pearl jewelry that you own — a pearl engagement ring, vintage pearls, fine luxury pearls, etc. — comprehensive jewelry coverage can give you full peace of mind, whether you wear the piece every single day or only take it out on special occasions.
We recommend one of the most trusted and best jewelry insurance companies, BriteCo, for this purpose. BriteCo offers its policyholders several standout features, including:
Plus, the cost of BriteCo’s policies start at just 1–2% of your pearl jewelry’s estimated value, which is a nominal fee for the peace of mind you’ll get in return.
If you’re currently protecting jewelry through your renters insurance policy or homeowners insurance coverage, you’re leaving your jewelry open to high risk due to the wide gaps in covered events. Compared to insuring jewelry through a specialized provider like BriteCo, renters insurance and homeowners insurance policies typically cover very little.
For example, your blanket coverage will only protect your jewelry under very specific circumstances already included within your policy, such as a house fire or theft. These policies do not cover your jewelry if something happens while you’re outside the home. Furthermore, these types of policies rarely pay out very much on jewelry claims — usually only a few thousand dollars at most, leaving you to pay for the remainder of replacement or repair cost out-of-pocket. Not to mention filing any claim on your homeowners policy could potentially lead to premium spikes or non-renewals.
If, for example, you paid $2,000 for a pearl engagement ring, and it’s stolen from your home, your insurance company may only give you $1,000, leaving you to pay the other half. But if you had engagement ring insurance, you’d pay zero to get it replaced.
Before insuring your pieces, it’s important to understand how to maintain them properly. Our pearl care guide covers cleaning, storage, and long-term care.
Jewelry insurance works by charging you a percentage of your piece’s appraised value per year, and if you ever need to make a covered claim, the policy covers the entire cost of the replacement or repair.
If you purchase a jewelry protection plan through a company like BriteCo, you’ll find incredibly affordable coverage estimated to cost about 1–2% of your jewelry’s market value. You can choose to pay for this separate jewelry insurance policy either annually or on a month-to-month basis.
When you look at the very minimal cost of jewelry insurance and the comprehensive coverage that comes with it, jewelry insurance is very much worth it.
Additionally, the process of getting jewelry insurance requires little effort and time on your end. It’s not a long, laborious process, and doing so won’t even require you to leave your house or work with an insurance agent. You can submit all the necessary documentation on your own, right from your computer, and be insured the very same day.
While an existing homeowners policy or renters policy covers jewelry to a certain degree, there are coverage limits. So, if you ever need to make a jewelry-related claim, your policy will either not cover your jewelry at all (for example, if it’s related to accidental damage or a loss that occurred outside the home), or it will only pay $1,000–$2,000 at most.
Jewelry insurance starts at an annual rate of 1–2% of your jewelry’s appraised value, whether you’re insuring a single piece or multiple pieces. If you want to buy insurance for a collection of pearl jewelry that adds up to $10,000 in value, you’d pay $100–$200 for the policy every year.
It depends on the policy, but some insurance companies may cover maintenance related to risk, such as repairing loose stones. However, they’re unlikely to pay for basic maintenance, like professional cleanings.
A specialized jewelry insurance policy from a company like BriteCo will provide you with up to 125% coverage, meaning that if you lose a piece and it needs to be replaced, BriteCo allows you to find one of equal worth, even after market fluctuations.
Beyond having a jewelry insurance policy, it’s smart to invest in a safe deposit box for storing jewelry when you’re not wearing it or you’re not at home. As well, a good home security system can deter would-be thieves.
Getting covered through BriteCo is exceptionally simple and starts with having your jewelry appraised and then examining your policy options.
If you need an appraisal, that process can be completed online with BriteCo’s free appraisal tools. You may need to submit some documentation, such as a gemstone grading report or detailed receipt of the jewelry purchase, but this should take minimal time. Your appraisal results will come back quickly and, after an underwriting review, you’ll receive a formal policy quote.
Ready to get started? Get your BriteCo pearl jewelry insurance quote now.
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Content Writer and Editor at The Pearl Source
Kate Muirhead is the editor and content writer for leading pearl retailer The Pearl Source. She believes in the power of signature jewelry, and that collecting it is half the fun.
