A homeowners or renters insurance policy will typically cover stolen or damaged jewelry. Here's a look at coverage rules and where you'll likely run into limits on a claims payment.
When does homeowners insurance cover jewelry?
Homeowners and renters insurance will cover jewelry for 16 problems, known as "perils":
- Fire and lightning
- Windstorms and hail
- Riots and civil commotion
- Aircraft, such as self-propelled missiles and spacecraft
- Falling objects
- Weight of ice, snow or sleet
- Water or steam damage, excluding floods
- Sudden tearing apart of air conditioners or water heaters
- Damage from artificially generated electrical surges
- Volcanic eruption
Floods and earthquakes are not covered by homeowners insurance.
Jewelry coverage on a homeowners policy
|Cause of damage||Coverage for jewelry repair or replacement|
|Fire, explosion or other peril listed above||Full coverage, up to your personal property limit|
|Theft||Limit of $1,500 in most cases; check your policy for the limit for jewelry theft|
If your jewelry is damaged in a fire, explosion or other incident, your insurer will cover the replacement or repair costs. But if you own expensive jewelry that's worth more than the coverage limit, consider buying additional coverage.
Coverage for theft of jewelry under a homeowners insurance policy is typically limited to $1,500. If your $6,000 engagement ring is stolen, your homeowners insurance policy will only reimburse you for a fraction of its worth.
Have your jewelry appraised to find out what amount it should be insured for. Since jewelry often increases in value over time, do regular appraisals.
If home insurance doesn't provide enough jewelry coverage, you can purchase:
- Scheduled personal property insurance
- Jewelry protection insurance
Scheduled personal property insurance
Scheduled personal property, also known as a floater, endorsement or rider, is an add-on that increases coverage limits on specific valuable items.
A floater also typically covers problems that home insurance won't, including accidental loss (like losing a ring while traveling) and accidental damage.
There's also usually no deductible when you have a claim on a floater, like there is with a claim on homeowners insurance. But since a floater is part of your home insurance, claims could affect your future home insurance rates.
How to get your jewelry scheduled
If purchase a floater for your jewelry, you will need to:
- Provide your insurer with a professional appraisal or receipt of each item you'd like to have scheduled.
- Schedule each piece of jewelry separately.
Jewelry protection insurance
Like a scheduled property floater, jewelry protection insurance covers you against all problems, such as fire, theft and accidentally losing the jewelry.
Jewelry protection is a stand-alone policy available from home insurers and other companies, such as Jewelers Mutual. Any claims you make won't affect your homeowners or renters insurance rates.
Like home insurance, your deductible amount is subtracted from a claims check. You can choose the amount of a deductible when you buy the policy.
Jewelry protection insurance costs 1% to 2% of the value of your jewelry.
Finding the right insurance policy for jewelry
|Homeowners insurance policy||Scheduled personal property||Jewelry protection insurance|
|Deductible if you have a claim||
|Covers damage from fire, storms||
|Covers jewelry you've lost||
|Claims do not affect home insurance rates||
|No additional premium||
How to file a claim for jewelry
Whether you have basic home insurance, an insurance rider for jewelry or a jewelry protection policy, here's how to file a claim:
- Contact your insurer immediately after noticing your jewelry has been stolen or damaged. Or contact your jewelry protection insurer after realizing you've lost any jewelry.
- If your jewelry was stolen or vandalized, file a police report. Ask the police for a copy so you can include it with your claim.
- Fill out claims forms promptly.
The best way to keep track of your belongings is with a home inventory checklist. Hold onto as many receipts as you can.