Jewelry Insurance

Oyster's policy is an “all risk” policy, which means everything is covered unless it is on the small list of exclusions in the policy document. Any form of loss, damage, theft, or mysterious disappearance is covered anywhere in the world.

Jewelry coverage under a homeowners or renters policy is typically very limited and very restrictive. For instance, accidental damage is often not covered and theft is covered up to a relatively low limit, such as $1,500. The most common cause of jewelry loss is mysterious disappearance (i.e. you left it the hotel or at the restaurant) and this is very unlikely to be covered under a homeowners policy. You are also subject to the same deductible as your overall homeowners or renters policy (which is often $1,000), meaning that in a case of loss or damage, your actual protection may be well below the cost to replace or repair your jewelry. Other key drawbacks include the fact that any claims can affect your homeowner premiums and there is limited control over the repair/replace service. In summary, homeowners or renters policies are great for certain protection, but not adequate for jewelry. For more details, see our blog post on this topic.

Policies with Oyster typically cost 1-2% of the value of the jewelry year. This means that a $5,000 ring could cost only $50 per year to insure, or only $4 per month. Protecting your valuable jewelry could be cheaper than one coffee a month.

Depends on the jewelry items you own, it's typically recommended to have jewelry insurance to protect against unforeseen accidents. Jewelry insurance provides peace of mind in case your jewelry is broken, stolen, or lost. At Oyster, we specialize in insuring jewelry of all shapes, sizes and values and our low minimum annual premium of $25 (just $2/month) means that protecting items you may not normally think of becomes affordable.

Most warranty or service plans typically only covers wear and tear issues. These plans do not provide protection for everyday risks such as theft, loss, mysterious disappearance or accidental damage. Warranties can usually only be purchased at the time you buy the jewelry (or a short window after it) and are normally only valid at that specific jeweler.

In addition, claims are normally capped at the purchase price (not the appraised value, like Oyster insurance) and jewelry often goes up in value. Insurance is recommended in addition to a warranty or service plan, but if you only want one, insurance through Oyster is much broader than the average warranty and is personalized to your jewelry and your needs.