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Is Your Jewelry Insured?

February 2, 2017

For many, jewelry and Valentine’s Day go hand-in-hand. But did you know that your homeowner or tenants insurance policy may not provide you with adequate insurance coverage for your Valentine’s Day valuables?

Jewelry insurance: Does your home policy cover you?

Yes, but up to a limit. Most property insurance policies have special limits on certain items, like jewelry. This means that the maximum the insurer will pay in the event of a loss of a particular item is limited to the amount specified in the standard policy wording and is subject to the policy deductible.

The total amount payable for a loss of jewelry can vary between insurance companies, although a limit of $5000 is typical and usually applies to all of your jewelry combined.

Is your jewelry worth more than your policy limit?

If your jewelry is worth more than your policy limit, most insurance companies offer the option to schedule these items on a Personal Articles Floater and you will pay a premium based on the value of the item. Typically, an item scheduled under a Personal Articles Floater is not subject to the policy deductible, however, any claims will still affect your home insurance history.

How to insure your engagement ring, wedding ring, or other jewelry you may own

Insuring your rings or other jewelry you may have, is relatively simple and will start with a call to your home insurance provider. They’ll talk and walk you through the process that will typically start with you getting your rings appraised. With the appraisal in hand, your home insurer will be able to schedule your jewelry on the Personal Articles Floater.

Rings, bracelets, necklaces and earrings: Know how your jewelry is protected

Be sure to check the limits listed in your homeowner or tenants policy and discuss your options with your insurance professional. And, don’t be shy about asking questions because you’ll want to know how exactly your valuables are covered, and just as importantly, how they are not covered.

  • What happens if your jewelry is stolen? Lost?
  • Are you covered if your jewelry is damaged, or a gem falls out?
  • Does the coverage follow you, if for example, you’re out of the country on holiday?
  • What type of scenarios are excluded from coverage?
  • Does the jewelry need to be appraised? And how often should it be appraised?
  • How will you be reimbursed and is there a deductible?
  • Will you be reimbursed for the full value of the jewelry?
  • How will a jewelry claim affect your home insurance?
  • If you have a home safe or vault, do you qualify for a discount?

Like any valuable—and what’s not more valuable than jewelry given to you from a loved one—proper coverage is golden should you ever need to rely on it.