Imagine losing your engagement ring on vacation or discovering that the heirloom necklace you inherited from your mother was stolen from your home—only to find out your insurance doesn’t even fully cover the loss. You may know someone who this happened to. Do you know if your jewelry is properly insured? Sadly, for too many people, it isn’t.
More Than a Price Tag
Many objects hold sentimental value for us, and jewelry often tops that list. Jewelry has emotional connections to loved ones and irreplaceable memories. Whether it’s an engagement ring, a family heirloom, or a luxury watch, these valuable items need the right protection. Many people assume their homeowner’s or renter’s insurance fully covers their jewelry, only to discover gaps in coverage after a loss.
So, is your jewelry properly insured? Here’s what you need to know to make sure you’re not left uncovered when it matters most.
Why Your Homeowner’s Insurance May Not Be Enough
Most homeowner’s or renter’s insurance policies cover personal belongings, including jewelry, but they come with low coverage limits—typically around $1,500 to $2,500 for theft, damage, or loss. If you own high-value jewelry pieces, this limit may fall far short of their actual worth.
Additionally, standard policies often don’t cover accidental loss, and that’s often how people lose their jewelry. After all, it travels with you. If you drop your ring down the sink at work or misplace a bracelet while traveling, your homeowner’s policy likely won’t cover it.
This is why many jewelry owners opt for additional protection to ensure their valuables are fully insured.
How Can You Properly Insure Your Jewelry?
If your jewelry’s value exceeds your policy’s limit, you have two main options:
1. Scheduled Personal Property (Jewelry Endorsement or Rider)
A scheduled personal property rider is an add-on to your homeowner’s or renter’s insurance that provides higher coverage limits and more comprehensive protection for individual items like an engagement ring or a Rolex watch. This type of rider covers accidental loss (like losing a diamond earring), theft, fire, and damage. It also pays full replacement value instead of depreciated value.
Because this coverage is attached to your homeowner’s policy, it’s easy to keep things sorted since everything is under one policy. However, you may need an appraisal to verify the jewelry’s value before getting coverage.
2. Standalone Jewelry Insurance Policy
If you want even more specialized coverage, a standalone jewelry insurance policy might be the best option. This type of policy is designed specifically for high-value jewelry and often includes:
Worldwide coverage which is perfect for frequent travelers
Coverage for mysterious disappearance (if you lose it and don’t know how)
Lower or zero deductibles
Standalone jewelry policies are often more flexible than riders on homeowner’s insurance and may offer better claims handling since they focus solely on jewelry coverage.
Key Factors to Consider When Insuring Jewelry
When choosing the right jewelry insurance, keep these factors in mind:
Replacement Cost vs. Actual Cash Value
Some policies pay the full replacement cost, allowing you to replace your lost jewelry with a similar new piece. Others pay the actual cash value, which factors in depreciation—meaning you may not get enough to fully replace your item. Choosing replacement cost coverage is the best way to ensure you can replace your jewelry without extra out-of-pocket costs.
Coverage for Accidental Loss
Not all policies cover accidental loss or disappearance, so be sure to confirm that your policy includes it.
Appraisal Requirements
Insurance companies may require an updated appraisal to determine the value of your jewelry before they provide coverage. Getting a professional appraisal every few years ensures your jewelry is insured for its current value, especially as gold and diamond prices fluctuate like we have seen lately.
Deductibles and Premium Costs
Different policies come with different deductibles (the amount you pay out of pocket before insurance covers the rest). Some standalone policies offer zero-deductible options, which means you don’t have to pay anything when filing a claim.
Insuring Your Jewelry: Don’t Wait Until It’s Too Late
Losing a cherished piece of jewelry is devastating—both emotionally and financially. The last thing you want is to realize too late that your insurance doesn’t cover the full value of your loss.
Now is the perfect time to review your current insurance policy and ensure your jewelry is properly insured. If you have questions about your coverage, we’re here to help! Contact Navisure Insurance Group today for a free policy review and ensure your most treasured pieces are covered, no matter what happens.
TROY VANDERMEER | VICE PRESIDENT
Troy attended Aquinas College in Grand Rapids, MI, and obtained a degree in Business and Technology. After graduating, he began his career as an insurance adjuster for a large-scale carrier. This included almost 10 years of experience, with roles such as property catastrophe, marine, and recreational vehicle claim handling. Troy learned the ins and outs of how insurance companies operate while also perfecting the technical aspects of the industry. This gives him an edge when working with clients regarding what coverage best fits their needs. As a proponent of leveraging technology, his goal is to simplify the process of getting insured without clients having to sacrifice their time.
In his spare time, Troy coaches high school soccer, enjoys golfing, fly fishing, and spending time with his family and friends.