I'll be direct: most of my clients don't insure their jewelry, and most of them should.

I don't say that as someone trying to sell you anything. I'm not an insurance agent. I'm a jeweler who's watched too many people lose meaningful pieces and then find out their homeowner's policy covered maybe a quarter of what the ring was worth — if anything at all.

So here's what I tell people when the topic comes up at the workbench.

Why homeowner's insurance usually isn't enough

A standard homeowner's or renter's policy will typically cover jewelry, but the limit is shockingly low. Most policies cap jewelry coverage at $1,500 to $2,500 total — not per piece, total. And the only "covered perils" are usually theft, fire, and a few other narrow categories.

If you slide your ring off at the gym and it ends up in a sink drain, that's not theft. If the stone falls out and disappears into a parking lot, that's not theft either. Those are the most common ways jewelry actually disappears, and the standard policy won't touch them.

I've had three clients in the last two years bring me ring boxes with the prongs still attached to a band — but no stone. In two of those cases the original stone was worth more than $8,000, and in both cases the homeowner's policy paid out under $2,000.

What a real jewelry policy looks like

For anything worth more than a couple thousand dollars, you want what's called a "scheduled" or "itemized" jewelry policy. Sometimes it's a rider on your homeowner's policy. Sometimes it's a standalone policy from a specialty insurer like Jewelers Mutual or Chubb.

A scheduled policy covers the piece for its full appraised value, against pretty much everything: loss, theft, damage, the stone falling out, you dropping the ring down the garbage disposal. (Yes. That has happened to a client of mine. The pavé band was perfectly intact when I retrieved it.)

What it costs: roughly 1 to 2% of the appraised value, per year. A $10,000 ring is going to cost you somewhere around $100 to $200 a year to insure. A $30,000 ring, $300 to $600. That's it. That's the whole expense, and it covers replacement at full retail.

What you need to actually buy a policy

An appraisal. A real one — written by a graduate gemologist, with photos, measurements, weight, clarity, color, and a stated replacement value. Not the sales receipt. Not a "valuation" letter from whoever sold you the ring, which, I'll be honest, is usually inflated to make you feel good about the purchase.

If you bought the piece from me, I provide the appraisal. If you bought it elsewhere and don't have one, I can write one. Most jewelers in Santa Monica and the Westside will do an independent appraisal for a flat fee — usually $75 to $150 per piece. Update it every three to five years, because metal and stone prices move.

The argument I hear most often

"It's such a small chance anything happens." Maybe. But I've been doing this almost twenty years, and I can tell you the chance is not as small as people think.

Rings get worn. Prongs wear down. Stones loosen. People panic at airports and shove rings into the wrong pocket. Kids grab necklaces. Dogs eat earrings. (Yes.) The actual rate of jewelry loss over a decade is higher than most people would guess, and the loss is almost always permanent.

And here's the thing about an heirloom or a custom piece — you can't replace it. Not really. You can replace the value, which is what insurance does. But the ring your grandmother gave you, or the one I made for you, doesn't exist twice. So at least make sure the dollar value is protected, because the sentimental part is already at risk no matter what you do.

One thing most policies leave out

Read the fine print on "pair and set" coverage. If you have matching earrings and one disappears, some policies will only replace the lost one — leaving you with a mismatched set. Better policies will cover replacement of both. It's a small difference in language that makes a big difference if it happens to you.

If you'd like to talk through what your pieces are actually worth, or you need an appraisal you can use to schedule insurance, reach out. I do this for clients all the time, and it's a fast appointment.