Jewelry ranks among the top five gifts for Valentine’s Day, according to the National Retail Federation.
Given today’s sky-high gold prices, protecting it is more essential than ever since it's often a significant purchase.
Think about it: what if that cherished jewelry gets lost, damaged, or stolen?
When to insure jewelry
Kellie Schaub was looking to reset the vintage diamond ring she recently inherited from her late grandmother.
"I got the ring, and it really means a lot to me," she said.
Mike Cleves, owner of Cleves and Lonnemann Jewelers, said she may want to insure it, given the high price of diamonds and gold right now.
At the end of January, gold was selling for $2,800 an ounce, so even a small solid gold ring can be worth $250 or more.
With prices and the upcoming holiday, Cleves talks to buyers about jewelry insurance.
"We usually do," he said. "If you don't have to worry about it so much, you might be more inclined to wear it."
Cleves suggests insurance for anything worth more than $1,000.
"If you lose it and you are not insured, it is all on you," he cautioned.
Watch Mike Cleves explain when you should purchase insurance:
NerdWallet personal finance expert Kimberly Palmer said insurance concerns your emotional attachment to a piece.
"That's things like an engagement ring, wedding band, a special necklace," she said, "because if you were to lose it or have it be damaged, it would be difficult to replace."
But what about the cost?
Insuring your precious stones costs 1% to 2% of the item's value per year, according to a NerdWallet estimate, or $50 to $100 for the average diamond engagement ring.
Insurance can come from a stand-alone jeweler or from your homeowners' or renters' insurance.
As with other policies, Palmer encourages buyers to read the fine print for any exclusions or added perks.
"Some policies, which are a little pricier," she said, "tend to add things like ongoing maintenance of your jewelry."
Palmer encourages everyone to save all paperwork for that item, including receipts, if you're hoping for a quick reimbursement.
Mike Cleves also suggests taking pictures of insured jewelry so shops like his can try to recreate that ring or necklace once your insurance pays.
"Make sure you have good pictures and a good description," he said.
That means you are covered for the loss if the worst happens to it.
And that way you don't waste your money.
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