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Jewelery insurance cover explained – Point insurance



A ring from a loved one. A bracelet passed down through generations. A watch or necklace that marks a special occasion.

Every reason you value a fine piece of jewelry is why it should be insured.

But calling it “jewelry insurance” might be a stretch. You do not need separate insurance to insure your jewelry. You need to make sure you have the right personal property coverage from your homeowner’s, condo or renter’s insurance.

Jewelery protection helps protect the investment you’ve made in your favorite jewelery by helping you replace it if you experience a loss covered by your insurance. But coverage is only for certain cases and set dollar amounts, so double-check your coverage and read more about insuring jewelry below.

Know what your existing insurance covers

If you already have personal property coverage as part of your homeowners, renters, or condo policy, you probably already have some type of coverage for your jewelry. The typical policy will cover you, up to your insurance limit, for jewelry stolen or damaged in specific incidents, such as a fire in your home. However, typical insurance does not cover everyday damage, such as a rock falling out of its setting.

In addition to knowing when you are covered and when you are not, it is also important to know how much you are covered for. Your insurance may cover each piece of jewelry for a certain amount, such as $1

,000 per piece. Or it could cover your jewelry collection, say $3,000 for all the pieces. Check your policy or schedule an insurance review with a local agent to better understand the type of jewelry coverage you have.

Calculate the value of your jewelry collection in today’s dollars

To determine if you have enough jewelry insurance, you need to know how much your jewelry is worth. Remember that your pieces may be worth more now than when you bought them. The value of precious metals and gems can increase over time, so have your pieces appraised approximately every three years.

Use these valuations and receipts for recently purchased items to total the value of your collection. Then compare that to how much jewelry replacement coverage you have on your homeowner’s insurance, condo insurance, or renter’s insurance.

Determine which items require additional coverage

If the jewelry coverage on your policy is less than the value of your collection, you’ll likely want to purchase additional coverage. For example, you might have a $2,000 pair of diamond earrings, a $7,500 engagement ring, and $3,000 worth of jewelry loss insurance—no matter how many pieces. If both pieces are lost in a single incident, you’re out $6,500 in coverage.

To fill this gap, you can insure valuable items individually as part of your homeowner’s insurance, condo insurance, or renter’s insurance. This is known as “valuables scheduling” or adding a “rider” or “endorsement” to your policy. To do that, you’ll likely need a recent receipt or appraisal that establishes the value of each item.

Once planned, you will be covered for the full planned amount if an item is damaged or lost in a covered incident. Usually scheduling an item also gives you wider coverage. For example, a lost rock not covered by your homeowner’s policy is likely covered by a policy rider.

Catalog your jewelry in a home inventory

Once you arrange coverage for your valuable jewelry, it’s important to create a home inventory or update an existing one to catalog your valuable possessions. This is not as important for your scheduled parts as your insurance company has a record of their value. But for any unplanned pieces that are lost or stolen, you want a record of their value.

Ideally, your home inventory will include photos, receipts, appraisals, descriptions, trademarks, etc., of all valuable personal property, not just your jewelry. That way, if there is a loss, you already have the documentation needed for a personal claim in place.

A home inventory can be as simple as a Word document (save it to the cloud or a flash drive in case your computer is damaged or stolen). Or use a web program or mobile app, such as the home inventory app, to help you catalog your belongings.

Insuring jewelery is easy and affordable, so talk to an agent or carrier. You can pay as little as $10 per year for every $1,000 in coverage. So if you get something special for the holidays this year, in addition to showing it to your friends, remember to protect it, too.




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