Jewelry Insurance (In General)

A typical homeowner's policy requires jewelry coverage and other expensive products like watches and furs. These products are compensated for damages caused by all the risks in your policy, such as fire, windstorm, theft, and vandalism.

However, there are particular liability limits for certain valuable items, such as jewelry theft. Jewelry can be easily stolen, and the standard policy has a relatively low theft liability limit — generally around $1,500. This ensures that the insurer will not pay more than the amount specified in the policy for any jewelry or other expensive object.

If you own valuable jewelry, furs, collectibles, or other hard-to-replace products, there are two ways to expand coverage:

Increase the liability limit. This is the cheaper option; however, sums are still reduced for both individual pieces and total losses. For example, restricting a particular piece's loss claim might be $2,000, with a maximum cap at $5,000.

Buy an insurance policy and "schedule" your valuables. While more expensive, this option offers the most comprehensive value protection. Floaters cover accidents of any kind, even those not covered by your homeowner's insurance policy, such as unintended accidents — say, drop your ring down the sink drain or leave an expensive watch in a hotel room. Before buying a floater, the items covered must be professionally evaluated; you can ask your insurance professional to recommend a reputable assessment firm.

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How much insurance for jewelry?

Tariffs differ on where you work, but jewelry insurance costs 1-2% of your jewelry value for most people. For example, insuring a $5,000 engagement ring could cost as little as $50 a year.

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Not sure if you need jewelry insurance?

Ask yourself these questions:

If my jewelry vanished today, I'd ...

• Sentimental failure devastated?
• Fear of wearing other uninsured jewelry?
• Can't afford replacement costs?
• Subject to my new insurance coverage?
• Was I forced to work with a substitute firm, not my favorite jeweler?
• Are you worried about the substitution of lower quality than the original?
• At the risk of higher insurance rates?

If you replied "yes" to all of these questions, you're a perfect match.

Tips for jewelry protection:

• Make sure it's covered for the correct sum.
• Test the object
• Keep a copy of the receipt.
• Photograph the object
• Keep your jewelry secure, such as a safe box.
• Just carry the diamonds you're going to wear
• Never leave jewelry in your luggage while transported by the airline, cruise, or other public transport
• Inspect your jewelry regularly