How To Insure Jewelry
A homeowners insurance policy typically includes a limit (ranging from $1,000 to $2,500) for reimbursement of jewelry theft. That’s small comfort if your jewelry is worth much more. In addition, any deductible will be applied to your claim payment.
What is jewelry insurance?
Scheduled Personal Property is an optional endorsement you can add to your homeowners or renters insurance policy. It provides greater protection for certain high-value items, such as jewelry, fur, and silverware in the event they are lost, damaged, or stolen. In addition to engagement and wedding rings, other items frequently insured include silver or gold chains, cufflinks, earrings, necklaces, bracelets, watches, and antique jewelry.
The cost for this endorsement generally runs about 1–2% of the jewelry piece’s value. If your ring is worth $5,000, it could cost you $50 to $100 to insure it.
Contact your insurer to apply for the policy endorsement when you’re ready to insure your jewelry. You may need to provide an up-to-date appraisal, a photograph of the item, and a copy of the receipt to insure the item.
Some questions to ask about your endorsement:
- Can you choose where to repair your jewelry or purchase a replacement?
- Does it cover damage or just loss and theft?
- Is your jewelry insured if you are out of the country?
- If the value of your jewelry increases, will the endorsement reflect that?
While insurance can’t replace the sentimental value of a treasured item, it can provide you the comfort and peace of mind of knowing you will have the ability to purchase a new one.