In 2020, nearly $838 million worth of jewelry and precious metals were stolen. The odds of recovering the jewelry are low, as only $25 million of those stolen jewels were recovered—a meager 3%. However, storing a jewelry collection in a bank safe deposit box defeats the purpose of owning your stunning pieces. Part of the joy of possessing valuable jewelry is being able to freely access it, using it how and when you want.
Thankfully, individuals can mitigate the risk of jewelry theft by implementing some smart and creative security measures:
- Install security cameras and motion-detection lights. Surveillance cameras used to be a cost-prohibitive and complicated safety measure, but technology has simplified the installation and lowered the cost. Thieves are much less likely to target homes that have visible security systems.
- Catalog everything. It can be difficult to remember every individual piece as a jewelry collection grows. Record important details about each piece, such as the jewelry type, value, and a general description. Keeping receipts or taking pictures of the receipts is also helpful. Having this information on hand removes distressing uncertainty following a break-in, as the owner can identify what, if anything, the thief stole.
- Store valuable jewelry in unlikely places. Thieves typically look for a home safe at the start of their break-in, but jewelry boxes are often second on their list. Storing costume jewelry or less expensive pieces inside a jewelry box is fine but keep the most valuable pieces in place that thieves are much less likely to find. Hidden compartments are particularly useful, as they appear to be commonplace items. Several are readymade and available for purchase, such as a wall niche behind a clock, a fake book on your shelf, or a hollowed-out can of shaving cream. So long as the items look legitimate and ordinary, thieves are much less likely to discover their true nature.
- Invest in jewelry insurance. Homeowners’ insurance provides modest coverage for damaged, lost, or stolen jewelry, and it often falls woefully short of replacing expensive pieces. Many homeowners’ policies cap jewelry coverage at $1000 – $2000. Individuals can insure a collection of itemized pieces for their high value jewelry and obtain broader blanket coverage for the jewelry of lesser value.
If you have expensive jewelry, you may be surprised to find it relatively inexpensive to place insurance coverage to protect these valuables and ensure your peace of mind. Should security measures fail, a jewelry insurance policy can help replace these costly goods. Contact the team at Windermere Insurance Group to learn more about protecting and insuring your jewelry.