Jewelry Insurance Coverage Explained


Jewelry has a unique ability to remind us of a special person, place, or time. Sometimes, it combines all three. A ring from a loved one. A bracelet handed down through generations. A watch marking a special occasion.

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

You’ll be happy to hear that you don’t necessarily need a separate policy to insure your jewelry. However, you do need to ensure you have the right personal property coverage from your homeowners, condo, or renters insurance. 

Jewelry coverage’s job is to protect the investment you’ve made in your favorite pieces by helping you replace them if you experience a loss. But, the coverage is only for certain instances and set dollar amounts, so double check what coverage you have and learn more about insuring jewelry. We understand sometimes the coverages are hard to decipher so if you’re unsure about how to translate your documents, call Goodlad & Swank at 239-674-7630 for help. 

Know What Your Existing Insurance Policy Covers

If you already have personal property coverage as part of your homeowners, renters, or condo policy, you likely already have some form of protection for your jewelry. The typical insurance policy will cover you, up to your policy limit, for jewelry that’s stolen or damaged in certain incidents, such as a fire at your home. However, the typical policy will not cover everyday damage, such as a stone falling out of its setting.

In addition to knowing when you’re covered and when you’re not, it’s also important to know how much coverage you have and how it applies. Your insurance policy may cover each piece of jewelry at a set amount, such as $1,000 per piece. Or, it may cover your jewelry collection as a whole, such as $3,000 for all pieces. Check your policy or schedule an insurance review with us to better understand what kind of jewelry coverage you have.

Calculate the Value of Your Jewelry Collection in Today’s Dollars

To determine whether you have enough jewelry insurance, you need to know how much your pieces are worth. Keep in mind that your pieces may be worth more now than when you bought them. The value of precious metals and precious stones can increase over time, so it’s best to have your pieces appraised about every 3-5 years.

Decide Which Items Require Additional Coverage

If the jewelry coverage on your policy is lower than the value of your collection, you’ll likely want to purchase additional coverage. For example, you may have a $9,000 pair of diamond earrings, a $17,500 engagement ring and an insurance policy that covers jewelry loss – no matter how many pieces – at $3,000. If both pieces are lost in a single incident, you’re short $23,500 of coverage.

To fill this gap, we can insure high-value items individually, as part of your homeowners insurance, condo insurance, or renters insurance. We do this frequently, and it is known as “scheduling valuables” or adding a “rider” or “endorsement” to your policy. To do so, you will likely need a recent receipt or appraisal establishing the value of each item. You favorite jeweler on 5th Avenue will usually do this as a courtesy. 

As an added bonus, scheduling an item also typically gives you broader coverage. A lost stone that isn’t covered under your homeowners policy, for example, is likely covered under a policy rider.

Catalog Your Jewelry in a Home Inventory

Once you arrange coverage for your high-value jewelry, it’s important to create a home inventory or update an existing one to catalog your valuable belongings. This isn’t as important for your scheduled pieces because your insurance company has a record of their value. However, for any unscheduled pieces that are lost or stolen, you’ll want a record of their worth. 

Ideally, your home inventory will include photos, receipts, appraisals, descriptions, brand names, etc. of all valuable personal property, not just your jewelry. That way, if there’s a loss, you’ll already have the documentation needed for a personal property 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 mobile phone app, such as the home inventory app, to help you catalog your belongings.

Helping clients is our passion and we make insuring your collection easy, so call us today.