Jewelry Insurance
Most home, condo, or renters’ insurance policies provide limited coverage for jewelry, typically capped at $1,000 to $2,500 for theft and with restrictions on loss or damage. A scheduled personal property endorsement or standalone jewelry policy offers broader protection, including loss, damage, and mysterious disappearance.
Does my home or renters’ insurance cover my jewelry?
Yes, but only to a limited extent. Standard policies often cap coverage for theft of jewelry at $1,000 to $2,500 total – not per item – and may exclude accidental loss or mysterious disappearance. Coverage for damage is also limited.
What is scheduled jewelry coverage?
Scheduled coverage allows you to list specific pieces on your policy, often requiring appraisals. It provides broader protection, including theft, accidental damage, loss or mysterious disappearance, etc.
What types of events are covered by jewelry coverage?
A scheduled jewelry policy can cover:
1) Loss or mysterious disappearance (e.g., dropped ring down a drain)
2) Theft (at home or away)
3) Accidental damage (e.g., broken clasp, chipped stone, bent prong)
What is mysterious disappearance, and how is it covered?
“Mysterious disappearance” refers to jewelry that is lost under unknown circumstances, not theft or known loss. It’s typically not covered by standard policies, but it is covered under most scheduled personal property or standalone jewelry policies.
Do I need an appraisal to insure my jewelry?
Most insurers require a professional appraisal or receipt for high-value pieces, especially when scheduling them individually. Appraisals help determine accurate coverage limits.
Is there a deductible on jewelry claims?
It depends on the policy. Scheduled jewelry endorsements often allow you to select a $0 deductible, while unscheduled losses under your home policy are subject to the policy’s standard deductible.
Can I purchase standalone jewelry insurance without home/renters’ insurance?
Yes. Standalone jewelry policies are available from specialty insurers and do not require you to have a home or renters’ policy with the same carrier.
Is jewelry insured while I am travelling?
Yes. Scheduled or standalone jewelry policies typically offer worldwide coverage, including loss or theft while traveling.