Jewelry Insurance Basics

Whether it’s your wedding ring, a pair of earrings, or your grandfather’s pocket watch, your jewelry is more than just an expensive accessory — it tells stories and holds memories. It’s why you keep your collection safe within your home, and wear each piece with care. And it’s also why we offer extra coverage to make sure every piece of jewelry in your possession is well taken care of — from the wedding ring you wear every day, to the necklace tucked away in a jewelry box.

Does My Homeowners Insurance Cover My Jewelry?

If you think your jewelry is already covered by your home, condo, or renters insurance policy, you’re right — partially. Most homeowners policies typically cover a percentage of your personal property, such as furniture, electronics, clothes and, you guessed it — jewelry.

However, in the event of a covered loss, most insurance companies put a limit on the maximum dollar amount they’ll pay for certain categories of personal property. So, for categories like jewelry, your homeowners’ personal property coverage will typically cover between $1,000 and $2,000. And a deductible may come into play. That means if your item of jewelry is valued at more than your personal property limit, it’s a good idea to add a separate insurance policy.

It’s also important to note that your homeowners or renters insurance will only cover the loss of your jewelry from a covered event, like a fire. With a rider or scheduled property coverage your jewelry is protected in more situations — it’s even covered if you lose it.

How Much is Jewelry Insurance?

While the official rates of jewelry insurance depend on your location, a policy will typically cost about 1-2% of the value of your jewelry. For example, your $4,000 wedding ring might cost as little as $40 per year to protect with insurance. That’s a lot of peace of mind for not a lot of money.

Who Needs Jewelry Insurance?

If you’re wondering if you need jewelry insurance, you should first check your homeowners policy to see what is covered and what terms apply. This gives you a starting point and lets you know what coverage you already have. If you have a lot of jewelry that is expensive or irreplaceable you may feel that an additional policy will give your treasures the protection they deserve.

In terms of wedding and engagement rings, you might be thinking about who should buy the policy — the giver or the recipient? Here’s an example to help explain: Sam buys Alex an engagement ring, but doesn’t propose right away. In the time leading up to the proposal, Sam should make sure the ring is covered. Once that ring is given to Alex, then Alex becomes responsible for providing engagement ring insurance.

What is Included with Jewelry Insurance?

Coverage typically protects you should you lose the item, it gets stolen or damaged, or it simply disappears — whether it’s down the drain in your home or at the beach on the other side of the world. Jewelry insurance can also include preventative measures like repairing bent prongs or replacing a worn clasp. But, perhaps most importantly, it gives you peace of mind.

If you’d like to protect your jewelry and everything that it means to you and your family, your American Family Insurance agent can help. Give them a ring (pun intended) to talk about your options today.


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