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Jewelry and Other Valuables

Jewelry CoverageDo you have an engagement ring or other expensive piece of jewelry or item that you would like to insure?

A standard homeowners policy includes coverage for jewelry and other precious items for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism.

However, there are special limits of liability for certain items, meaning that your policy will not pay more than the amount specified in the policy. Chances are that piece of jewelry or item is worth more than policy limit.

In these situations, you can schedule each piece or item (listing each separately) for the retail or appraised value. This offers broader protection because then your policy will cover losses of any type, including accidental losses—such as dropping your ring down the drain of the kitchen sink—that your homeowners insurance policy will not cover.

Before purchasing this special coverage, the items covered must be professionally appraised and it helps if you can include the original retail receipt. We might not be able to insure the sentimental value of that special piece of jewelry or item, but at least if you have it covered, you will be financially insured if the need ever arises to replace it.

Items that can be scheduled (listed specifically) include:

  • Fine arts
  • Jewelry
  • Furs
  • Musical instruments
  • Cameras and related equipment

As with all insurance, it is important to understand what is included and what is not.  You should consult with your agent to make sure you are getting the coverage you need and desire.