The Hidden Costs of Traditional Jewelry Insurance

Why smart protection shouldn’t come with sneaky fees

What’s the Real Price of Peace of Mind?

You’ve just made a big decision. Maybe it’s an engagement ring, a vintage Rolex, a diamond tennis bracelet, or a delicate heirloom necklace passed down for generations. These aren’t just accessories—they’re memory-holders, symbols, and significant investments. Naturally, you want to protect them.

Most people default to traditional jewelry insurance: policies sold through specialty carriers or add-ons to home or renters insurance. The process feels safe and familiar, even if it’s a bit clunky. A few forms, a monthly premium, maybe an appraisal—you check it off the list and move on.

But there’s a problem. Beneath the surface of that recurring bill lies a string of extra costs that quietly stack up over time: annual premiums, deductibles, appraisals, rising rates, and claims processes that make getting reimbursed feel like a part-time job. And it adds up—fast.

Let’s take a deeper look at the true cost of traditional jewelry insurance and why many consumers are turning to a new model—like ONCE Insurance’s five-year, one-time-payment plan—for smarter, simpler protection.

What Is Traditional Jewelry Insurance?

Traditional jewelry insurance typically comes in one of two forms:

1. Standalone Jewelry Policies – These are offered by specialty insurers focused on valuables, often recommended by jewelers at the point of purchase.
2. Scheduled Property Riders – Add-ons to homeowners or renters insurance that specifically cover high-value items.

In both cases, you’re paying recurring premiums—either monthly or annually—for as long as you want coverage. You’ll usually need a formal appraisal, you’ll have to renew annually (with potential price increases), and in the event of loss or theft, you may only be reimbursed for partial value after subtracting a deductible.

These policies work well enough for high-net-worth collections or items worth well over $5,000. But for most everyday jewelry wearers, this traditional model ends up being overbuilt, overpriced, and under-explained.

Let’s Break Down the Real Costs

💸 1. Annual Premiums That Quietly Multiply

Here’s what most insurers won’t tell you: jewelry insurance premiums typically range from 1–2% of the item’s value per year. So, for a $4,000 engagement ring, you’re looking at $40 to $80 a year.

That sounds manageable… until you zoom out.

Five years of coverage? That’s $200 to $400—and that’s assuming your premiums don’t increase (they almost always do). If you wear your ring for 10 or 20 years—and keep it insured that whole time—you could easily spend over $1,000 just to keep it protected.

Compare that to ONCE Insurance’s model: pay once up front, and you’re covered for five full years. One payment. One plan. No surprises.

Many ONCE customers report saving 35% or more versus what they’d spend over five years with a traditional policy. That’s not just convenience—it’s real money back in your pocket.

⚠️ 2. Deductibles That Shrink Your Payout

A lesser-known detail of traditional policies: most have deductibles.

A deductible is the amount you must pay out of pocket before your insurance kicks in. It’s common to see deductibles of $250, $500, or even $1,000 for jewelry claims.

Let’s say you lose a $3,800 necklace while on vacation. You file a claim. After paperwork and delays, you’re approved—but the insurer subtracts a $500 deductible. You’re reimbursed $3,300, not enough to fully replace the item. Worse, some insurers won’t offer cash at all—they’ll issue store credit or require you to use their network of jewelers.

ONCE doesn’t believe in punishing you when things go wrong. That’s why ONCE has no deductible—ever. If your item is covered and you experience a covered loss, you receive the full insured value. No tricks. No subtractions.

📑 3. Appraisal Fees and Hassle

Another major hidden cost? Appraisals.

Traditional insurers usually require a professional appraisal before coverage begins, especially for high-value items. That means scheduling an appointment with a certified gemologist or appraiser, who may charge anywhere from $75 to $200 per item. And you’re not off the hook forever—many policies require updated appraisals every 3–5 years to reflect market changes.

It’s not just the money—it’s the friction. The time, the logistics, the fine print.

ONCE keeps it simple. If your item is valued at $5,000 or less, no appraisal is required. You just choose your coverage amount during the checkout process. You can be done in minutes—without driving across town or printing a single document.

🔁 4. Annual Renewals—and Rising Premiums

Traditional jewelry insurance works like a gym membership: you keep paying, or you lose access.

Every year, you’ll need to renew your policy—and insurers have no incentive to lower your rates. In fact, many quietly increase premiums each year based on inflation, crime statistics, your location, or metal market fluctuations. In most cases, they don’t even tell you why. It just… goes up.

And if you forget to renew? You could find yourself uninsured when something goes wrong.

ONCE eliminates this entire category of stress. Your coverage lasts for five full years—no renewal notices, no rate changes, no auto-drafts. You insure it once, and then you’re done. It’s insurance designed for people who hate managing insurance.

🧾 5. Complicated Claims and Limited Payouts

Here’s a scenario we’ve heard too often: A customer loses a beloved ring and files a claim with their traditional insurer. The process takes weeks. They’re asked to submit:

• A police report
• Photos of the item
• Original purchase receipt
• The original appraisal
• Proof of ownership

And after all that, the insurer offers them a “replacement value”—not cash, but a store credit at a jeweler the insurer works with. The result? The customer ends up with something that doesn’t match what they lost—or ends up spending more out of pocket to make up the difference.

At ONCE, we built our system around trust, clarity, and ease. Our claims process is fully web-based (no app required). Upload your documents, answer a few questions, and our team reviews your claim quickly. If approved, you get the full insured value. No deductibles. No mystery math. No forced replacements.

Real Math: Traditional vs. ONCE Insurance

Let’s say you’re insuring a $3,800 engagement ring.

Even without filing a claim, traditional insurance can cost significantly more. And if you do file a claim, your payout may be lower—while your premiums may go up.

Who Might Still Choose Traditional Jewelry Insurance?

Let’s be honest: traditional insurance isn’t all bad.

If you’re covering an item worth well over $5,000, you may need a more bespoke policy with advanced underwriting. If you already carry a homeowners policy and prefer bundling all your coverage under one roof, a scheduled rider might suit you.

And if you’re buying coverage for business-related items or a multi-million-dollar watch collection, a custom approach may make more sense than ONCE’s current offering.

But for most people—those with everyday fine jewelry, engagement rings, family pieces, or personal watches valued under $5,000—ONCE offers better value, less hassle, and clearer terms.

BONUS: What Happens If You Lose Jewelry While Traveling?

Here’s another scenario worth highlighting: Travel.

Let’s say you’re on vacation. You take off your ring at the beach or forget it in a hotel bathroom. You’re in a foreign country, don’t speak the language, and can’t easily file a police report. Traditional insurance may decline your claim due to “insufficient documentation” or require a formal report within 24 hours.

ONCE takes a more practical approach. We understand how real life works—and we’ve designed our policy language to be friendly to travelers, not punishing. If you lose your item or it’s stolen under covered circumstances, ONCE reviews the evidence you can provide and works with you to make it right.

Why We Built ONCE

We started ONCE because we saw a broken system. Jewelry insurance was complicated, expensive, and built for another era. Too many people were overpaying, under-covered, or giving up on insurance altogether because it felt like more hassle than help.

So we created ONCE: one-time-payment, five-year coverage, no appraisals, no deductibles, no renewals. Just smart protection for the things you love—priced transparently and designed to work the way you live.

We believe you shouldn’t need a PhD in fine print to insure a wedding ring. You shouldn’t need to chase documents when you’re already stressed about a lost necklace. And you definitely shouldn’t be paying for a policy 12 years into wearing the same watch.

Final Thoughts: Coverage Should Be Simple

Traditional jewelry insurance has been the default for decades. But defaults don’t always mean “best.” When you take a closer look, you’ll find a system full of fees, hoops, and surprises—especially when you need it most.

ONCE was built for a simpler experience. Transparent pricing. No surprises. Real coverage. Real peace of mind.

So whether you're newly engaged, inheriting family jewelry, or finally buying that piece you’ve had your eye on for years, don’t just insure it—ONCE it.

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