Jewelry Insurance Made Simple
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 represents 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 insurance 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.
How it Works
If you’re thinking your jewelry is already covered by your home, condo, or renter’s 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 $1000 and $2000 per item. That means if your item of jewelry is valued at more than your personal property limit, it’s a good idea to add on a separate insurance policy.
How Much it Costs
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 $4000 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 it
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 coverage for the ring.
What it Includes
An insurance policy for your most-loved pieces of jewelry is a no-brainer. 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.
If you’d like to protect your jewelry and everything that it means to you and your family, American Family can help. Give your agent a ring (pun intended) to talk about your options today.