Jewelry may symbolize love and legacy, but for thieves, it represents opportunity. According to a recent article, claims for high-end jewelry theft have surged by a staggering 43%, with opportunists growing bolder and more strategic in their attempts to snatch luxury watches, diamond rings, and bespoke heirlooms. These aren’t isolated incidents or smash-and-grab jobs. The high-net-worth claims data from 2022 and 2023 includes everything from muggings in public to sophisticated break-ins that disable alarm systems and rip entire safes from walls. Even more unsettling? Some of these thefts occurred while homeowners were still inside the property.
For insurance agents and brokers, the article raises critical questions. Are your high-net-worth clients adequately covered? And are they taking the right steps to safeguard their valuables before it’s too late?
Luxury Items Are a Prime Target
The report highlights just how vulnerable valuable items can be. Cars, homes, even vacation timelines — everything is fair game for today’s offenders. Watches, diamond bracelets, emeralds, and other bespoke jewelry items are consistently among the most claimed. But theft isn’t the only issue. Claims for accidental damage and loss have also seen sharp increases, proving that owning high-value items carries year-round risk.
Smart Coverage Starts with Smart Habits
The article outlines best practices consumers should follow: getting updated appraisals every few years, using professionally installed insurance-approved safes, staying discreet in public, and maintaining home security systems. These are all important tips for agents to communicate to their clients, especially those with significant personal collections.
MiniCo’s Take: Insurance Is Only One Piece of the Puzzle
As specialists in insuring high-value collectibles, MiniCo recognizes that coverage for jewelry, luxury watches, and other prized possessions involves writing the right policy and educating clients on comprehensive protection strategies.
We often see a disconnect between perceived value and insured value. When market prices fluctuate, clients may not realize their appraisals are outdated or that their policy limits no longer reflect the true replacement cost. As an agent or broker, guiding clients through proper documentation, updated valuations, and specialty policies that go beyond homeowners coverage can make all the difference in a claim situation. MiniCo’s tailored approach to insuring collectibles is designed with this in mind. We provide agents with the tools you need to support your clients — whether they’re safeguarding a single luxury item or an entire collection.
MiniCo’s exclusive Collectibles Insurance program offers admitted coverage for a wide range of fine art, wedding jewelry, and collectibles as well as non-admitted options for larger collections of jewelry, watches, and more. Our specialization and all-risk coverage make MiniCo’s monoline policy an excellent insurance solution for your clients with high-value jewelry, watches, and collections of art and other valuable items. Contact us to learn more and get a quote.
