Is your jewelry properly insured? It is important to make sure that your special jewelry is protected. Today we sit down with insurance experts Michelle Namaka and Lisa DeOliveira as they explain the insurance coverage options you have for your jewelry.
What insurance policy is my jewelry covered under?
Jewelry is covered under the contents coverage of your home or renters policy.
Are there any limitations on jewelry coverage under a home or renters policy?
Yes, there are actually several limitations.
-In the case of theft, your insurance will only cover your jewelry up to a certain amount. This limitation is typically $1,000, but it varies depending on the company that insures you and the policy that you have.
– Your contents coverage only covers jewelry for certain “perils”, or “causes of loss”, such as fire or theft. It would not cover your jewelry if you lose it or a stone falls out.
– On a home or renters policy, your policy deductible would apply before coverage is provided for a claim involving your jewelry.
Is there a better way to protect my jewelry? I have a few expensive pieces I love, so what type of coverage would you recommend?
– Yes, the best way to properly cover jewelry is to schedule it on your home or renters policy. This is a separate insurance rider, or endorsement, that you you can add to your current homeowners or renters policy..
– A rider will cover your jewelry for its appraised value and in the event of a claim, there is no deductible applied.
– A jewelry rider also covers items for all perils, including mysterious disapperance (i.e. you lose your ring or bracelet or just one earring of a set) or if the stone falls out of your diamond ring.
Are these policies expensive?
Absolutley not! The average cost to schedule jewelry is between $1 to $2 per $100 of value. So if you had a ring that was appraised at $2,000 dollars, it would only cost you about $200 dollars to schedule it on your policy.
If you are interested in adding a jewelry rider to your current policy, give us a call today.
For some additional information on insuring your jewelry feel free to visit one of our previous blogs:
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