Is Jewelry Covered by Homeowners or Renters Insurance?
Most homeowners and renters insurance policies include some coverage for jewelry, but this coverage can be limited. Jewelry-specific limits within these policies tend to be much lower than the policies’ aggregate limit for personal possessions, and it’s not uncommon for jewelry-specific limits to be lower than a jewelry collection’s worth. Occasionally, a policy’s jewelry limit might even be lower than the value of a single piece or set.
Additionally, homeowners and renters policies might only cover certain potential risks. Even if a policy has an option to increase its jewelry-specific limit, there may not be a way to get additional perils covered through the policy.
A jewelry policy may help fill in these gaps. Compared to many homeowners and renters policies, a jewelry-specific policy might offer higher limits and protection against more perils.
What Types of Risks Do Jewelry Policies Cover?
Like any insurance policy, the exact risks that a particular jewelry policy protects against are determined by that policies’ terms, conditions and exclusions. Depend on a policy’s terms, it might cover perils like the following:
- Loss (e.g. an item is left somewhere by accident)
- Theft (e.g. an item is stolen from the policyholder’s house or another place)
- Damage (e.g. an item is dropped and gets chipped in the fall)
- Disappearance (e.g. an item is lost and the place the item was lost is unknown)
Coverage for loss, damage and disappearance are some of the protections that homeowners and renters policies don’t normally afford. Some homeowners and renters policies also only cover theft when a piece is at the policyholder’s residence.
What Jewelry Pieces Will Jewelry Policies Cover?
Jewelry policies typically can be adapted to cover an array of pieces. For example, a policy might protect:
- Wedding, engagement and anniversary rings
- Bracelets, watches and anklets
- Earrings and necklaces
- Loose gemstones kept in storage
An insurance agent who specializes in this type of insurance can help residents determine exactly what pieces a particular policy will cover.