A specialized jewelry insurance policy provides comprehensive coverage. Coverage against scenarios—like mysterious disappearance (or unexplained loss)—that may not be covered by standard homeowners or renters insurance or by warranties.

A jewelry rider is an insurance rider — also referred to as a floater or an endorsement — is an optional addition to your homeowners insurance policy. This rider amends your basic homeowners policy. By purchasing this rider on top of your standard coverage, you may be able to increase your coverage limits, expand coverage for certain property or extend protection to help cover additional perils.

How much does jewelry insurance cost?

Rates depend on where you live, but for most people, jewelry insurance will cost 1-2% of the value of your jewelry. As an example, a $5,000 engagement ring could cost as little as $50 per year to insure.

Not sure if you need jewelry insurance?

Ask yourself these questions:

If my jewelry disappeared today, would I be…

• Devastated about the sentimental loss?
• Afraid to wear my other uninsured jewelry?
• Unable to cover the cost to replace it?
• Subject to coverage limits with my current insurance?
• Forced to work with a jewelry replacement company and not my preferred jeweler?
• Worried about having to settle for a replacement of lesser quality than the original?
• At risk of having my insurance rates go up?

If you answered “yes” to one or more of these questions, you should call us.

Tips for protecting your jewelry:

• Make sure it is insured for the right amount
• Have the item appraised
• Keep a copy of the store receipt
• Take a picture of the item
• Keep your jewelry in a secure place such as a safe-deposit box
• When traveling only bring the jewels you are going to wear
• Never leave jewelry in your luggage while being transported by an airline, cruise line, or other public transportation
• Have your jewelry inspected regularly

Your homeowners insurance policy has standard protection categories that helps cover certain risks, or perils, which are listed in your policy. Each standard category is also subject to coverage limits and may have restrictions, exclusions or sub-limits. A rider requires you to pay extra premium to enhance your standard coverage.

If you look at the personal property coverage on your homeowners, you will notice it may limit coverage for certain valuables, such as jewelry. For example: Your homeowners insurance policy has a coverage limit of $150,000 for personal property coverage. But reading further into your policy it also states that personal property coverage has a sub-limit of $1,500 for jewelry. That means if your valuable jewelry is stolen or damaged by a fire, you’d only be reimbursed up to $1,500 to help replace your piece of jewelry. Mysterious disappearance is not a covered claim under a homeowners policy, but if the jewelry is scheduled or covered under blanket coverage, it would be a covered claim not subject to a deductible.  Any other jewelry claims, ie, stolen or fire would be subject to the deductible.

Here is where a jewelry rider can be quite valuable to you. Your home insurance rider (called a scheduled personal property rider), which can be added to a homeowners or renters insurance, allows you to increase your base personal property coverage limits on a standard policy to help protect certain valuable items, such as jewelry for their replacement value. Your jeweler will need to appraise the jewelry, so you and the insurance company can agree as to the value of the piece of jewelry.

Look over your homeowners insurance policy carefully to understand what perils it covers, your coverage limits and any exclusions your policy may have. Your agent at Brownell Insurance Center would be glad to help you understand how much coverage your policy offers. Call us to be sure your precious jewelry is covered correctly.