While this article from our partners at Chubb was from a pre-COVID era, we can nevertheless expect to see some celeb bling this spring, as the Oscars are still slated to take place – and it’s still solid advice on why you may want to look into adding an endorsement to your homeowner’s insurance for valuable items such as jewelry.
With the awards season in full swing, many are anxiously waiting to see who will win the most coveted awards — and, of course, who will be wearing the most glamorous gowns and the most sparkly (and expensive) jewelry.
Just how expensive is awards season jewelry?
Here are a few of the priciest examples in Academy Awards history…
- $20 million – Harry Winston replica of the iconic blue diamond necklace from the movie, Titanic, worn by Gloria Stuart (she played the old Rose) when she was nominated for best supporting actress.
- $15 million – Harry Winston necklace with a diamond cluster pendant flaunting a D-flawless, emerald cut diamond of 39 carats. Worn by Charlize Theron at the 2014 Oscars.
- $10 million – Tiffany Lucinda Star diamond necklace and diamond drop earrings, worn by Anne Hathaway at the 2011 Academy Awards.
While your jewelry may never see the red carpet, it does have something in common with celebrity trinkets – it needs to be insured. Here are the top five reasons both you and your favorite A-listers should protect your jewelry with an insurance policy specifically for valuable articles.
1. Jewelers don’t provide insurance
While esteemed jeweler, Lorraine Schwartz, may have asked Sandra Bullock to wear her specially designed diamond and platinum earrings and diamond bracelet, worth $8.2 million, Schwartz wasn’t about to insure it while Bullock was wearing it. That was Bullock’s responsibility, even though she was only borrowing the pieces. Once you purchase a piece of jewelry, it’s your responsibility to protect it – and insure it to market value – so if something happens to it, you’ll be able to fully replace it.
2. Clasps can break
Did you know Beyonce wore a diamond necklace worth $12 million to the 2017 Grammy’s? Held together by a mere clasp, she was wise to take it off when she performed. You’d be surprised how many people lose necklaces and other jewelry, simply because a clasp breaks or an earring comes out. The right valuable articles insurance policy will cover your jewelry if it breaks, is stolen or lost (even if you only lose one earring out of the pair).
3. Pieces get misplaced (more often) and stolen (not as often)
While criminals dare not try to nab celebrity jewelry while they are walking the red carpet, they may try to snatch your fine jewelry pieces if given the chance. However, more often than not, jewelry is simply misplaced or lost. It is smart to have insurance that will cover you if you lose a piece (or two) by accident.
4. Hotel safes aren’t necessarily safe
You better believe that Jennifer Lawrence didn’t put diamond necklace, earrings, and ring, worth $3.5 million she borrowed for 2014 Oscars the in a hotel room safe. She put it in the bank vault, or if staying at a hotel, in the hotel’s main (extra security) safe. You should do the same with your jewelry. Too many people have keys to hotel room safes, and you may not want to trust all of them with your precious jewels.
5. Homeowner’s insurance won’t cut it
While typical homeowner’s insurance is designed to protect your home and what’s inside it, there is usually limited coverage for valuable possessions – like jewelry – that may get lost, stolen, or damaged. That’s why you may want to consider a policy that is specifically designed to protect your fine jewelry and other valuables.