How to Insure Jewelry
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 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.
Is Jewelry Covered Under Homeowners Insurance?
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 coverage is limited due to the fact that jewelry can carry such high values in such small packages.
That’s why most insurance companies put a dollar limit on the amount of coverage they automatically include in their policies. Your homeowners personal property coverage will typically cover between $1,000 and $2,000 total for all of your jewelry combined. And your deductible will more than likely impact the amount you receive on a claim, so it’s a good idea to plan to have some savings set aside to cover any gaps. This way you can afford to replace your items following a claim.
This means if the total value of your jewelry is more than the jewelry limit in your policy, it’s a good idea to add additional coverage. You can do this by increasing your total coverage limit for jewelry, or by itemizing specific jewelry items, which, in addition to providing higher dollar amounts of coverage, also provides coverage for a broader range of losses. If you itemize, it’s even covered if you should accidentally lose it!
What Types of Jewelry Are Covered?
Common types of jewelry covered by your home insurance policy include:
- Wedding bands
- Diamond rings
- Antique jewelry
- Engagement rings
Your agent can help you determine what jewelry to insure and if it qualifies for coverage.
How Much Does Jewelry Insurance Cost?
While your specific premium for jewelry insurance will depend on a variety of factors, coverage will typically cost about 1-2% 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.
Who Needs Jewelry Insurance?
If you’re wondering if you need jewelry insurance, 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:
- Would you be able to cover the cost of replacing your jewelry in the event of a loss?
- Are you afraid to wear certain jewelry items due to fear of losing them?
- Do you have a large collection of jewelry?
The good news is with jewelry insurance, you can choose to increase your coverage amount in order to cover the cost of replacing your jewelry, whether it be one piece or your entire collection.
You also have the option to choose extra coverage called itemized personal property, which 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.
What Is Included with Jewelry Insurance?
Jewelry insurance coverage that you add on as an additional optional coverage on your homeowners policy typically protects you against these types of losses:
Lost jewelry. The coverage that comes with your base policy doesn’t typically cover you in this instance since this is not a ‘named peril’ event. This is where you’ll benefit from extra coverage which goes above and beyond, so you’ll be covered if your ring goes on an everlasting hiatus.
Theft. 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.
Damage. Jewelry insurance 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.
Worldwide jewelry insurance. Jewelry insurance not only protects your valuables when they’re at home, they’ll be covered no matter where you go in the world. But 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.
What You Need to Insure Your Jewelry
To insure your jewelry, you’ll need to provide your insurance company with receipts, appraisals, certificates and photos of your jewelry.
Remember that a good policy provides extensive protection for your jewelry, whether it’s stolen, lost, is 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 how to fully cover your special valuables from the unexpected.