Updated November 4, 2021 . AmFam Team
Whether it’s your engagement 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 in a safe place and wear each piece with care. Because your jewelry means so much, we offer extra insurance coverage to make sure every piece in your possession is protected. This is what’s called itemized personal property coverage with selectable coverage types and limits.
If you think your jewelry is already covered by your home, condo or renters insurance policy, you’re right — partially. Most homeowners policies cover jewelry, but the insurance coverage is limited since jewelry can carry such high values in such small packages.
If your jewelry is lost, stolen or significantly damaged, file a claim to get started. Remember to first consider what works best for you. If you have valuable jewelry and don’t think you’ll be able to cover it all yourself in the event of a loss, talk to your agent (Opens in a new tab) about adding itemized personal property coverage.
Your homeowners personal property coverage will typically cover between $1,000 and $2,000 total for all your jewelry combined. Your deductible will more than likely impact the amount you receive on a claim. We recommend putting some savings aside, so this way you can afford to replace your jewelry following a claim.
So, if the total value of your jewelry is more than the jewelry limit in your policy, it’s a good idea to add additional insurance coverage. You can do this by increasing your total coverage limit for jewelry under your homeowners insurance policy or by itemizing specific jewelry items through itemized personal property coverage. In addition to providing higher dollar amounts of coverage, this also provides coverage for a broader range of losses. If you itemize, it’s even covered if you should accidentally lose or damage it!
Common types of jewelry covered by your home insurance policy include:
Your agent (Opens in a new tab) can help you determine what jewelry to insure and if it qualifies for coverage.
While your specific premium for jewelry insurance will depend on a variety of factors, coverage will typically cost about one to two percent of your jewelry’s value.
The premium you’ll pay is also affected by the deductible you choose. Remember that a deductible is what you’ll pay out of pocket when you file a claim. A lower deductible typically means a higher premium, and a higher deductible usually means a lower premium. These are important things to remember when calculating jewelry insurance costs.
If you’re wondering if you should insure your jewelry, you should first check your homeowners policy to see what’s covered and what terms apply. This gives you a starting point and lets you know what coverage you already have. If you have expensive or irreplaceable jewelry, additional insurance coverage will give your treasures the added protection they deserve.
Consider the following when deciding if you need jewelry insurance:
The good news is with itemized jewelry insurance, you can choose to increase your coverage amount to cover the cost of replacing your jewelry, whether it be one piece or your entire collection. In other words, jewelry insurance costs can vary based on the type of coverage you want or need.
Itemized personal property, otherwise known as scheduled personal property, is an open peril policy as opposed to a named peril policy. A named peril policy only protects against the types of losses specifically listed (or “named”) on the policy. An open peril policy broadens your coverage by insuring your jewelry against all losses except those that are specifically excluded by your policy. This way, you can wear your jewelry and have peace of mind knowing you’re covered for anything that’s thrown your way, such as losing or chipping your wedding ring.
Jewelry insurance coverage that you add on as an optional coverage on your homeowners policy – known as itemized personal property – typically protects you against these types of losses:
The coverage that comes with your base policy doesn’t typically cover you in this instance since this is not usually a named peril. This is where you’ll benefit from extra coverage that goes above and beyond, so you’ll be covered if your ring goes on an everlasting hiatus.
Your homeowners policy protects your jewelry from theft, but only up to the basic limit included in the standard policy. A typical limit might be $2,000. If the jewelry you own is worth more than that, you’ll want to consider adding more coverage.
Jewelry insurance with itemized personal property will also pay to repair a bent prong or replace a missing stone if the damage is accidental and not due to usual wear and tear. Remember though, your deductible needs to be met first before your insurance kicks in, so you may not want to file a claim for minor damage. Most itemized personal property policies have a no deductible option for an increased premium.
Jewelry insurance not only protects your valuables when they’re at home, but also while on the go. Before traveling it’s still a good idea to check your policy and make sure it’s up to date. This is a good to time to review the value of your jewelry collection and add any additional amounts you may need.
To insure your jewelry, you’ll likely need to provide your insurance company with one or more of these important items:
Once you have those important items set aside, consider asking your jewelry insurance provider these key questions:
This is important to know, as the value of precious metals and gems tend to constantly be in a state of flux. This knowledge will help you better understand the pricing structure of your insured items.
This will vary based on the insurance you select, so it’s a great conversation to have prior to enrollment.
Different insurers will have different requirements for proof of loss or damage to your items.
This information is crucial for you to know, as this will ensure that your jewelry is insurable with that provider.
Remember that a good insurance policy provides extensive protection for your jewelry, whether it’s stolen, lost, damaged in a fire, has chipped or lost stones, or even if you just lose it. If you’d like to protect your jewelry and everything that it means to you and your family, ask your agent (Opens in a new tab) about how to fully cover your special valuables from the unexpected with customized coverage.
This article is for informational purposes only and includes information widely available through different sources. This article does not afford or guarantee coverage.