Insuring Jewelry

The quality, value and amount of the jewelry owned will vary from person to person.    Coverage for jewelry is included on renters, condo and homeowners policies but is subject to specific limitations.  A typical example of the coverage provided would be $5,000 total, with no one item covered for more than $2,500.  The items would be covered for the same big perils as everything else on the policy such as fire, theft, and vandalism.

The absolute best way to cover jewelry is with a Personal Articles Policy. These are sometimes also called a jewelry floater, or inland marine policy.  You will need a current appraisal, and if possible a receipt to help establish a replacement cost.  This will also provide the cut, clarity, color, and carats of gemstones and the purity of the precious metals. More than one item can be included on a schedule of insured items.  Items from different categories can also be listed on one policy. One policy could cover your wedding ring, your grandmother’s antique sterling silver tea set, and your trombone.

The biggest advantage in scheduling your jewelry on a Personal Article Policy is that items are covered from ‘all perils’.  That means that if the item mysteriously disappears (was it lost or stolen?) or your ring slips off and goes to the bottom of the ocean, or an item is damaged in transit the policy will respond.  Those are three examples where your homeowner’s policy typically would not provide coverage.  Another advantage is that there is no deductible to pay.  The cost is very minimal considering the value of items insured. Please contact us for more details and a quote.