Protecting Your Jewelry

You’ve spent hours, days or even weeks, making your jewelry choices not tomention paying thousands of dollars on your final purchase sowhy fall shortwhen it comes to finding the right coverage for your jewels? Getting the appropriate protection is easy; you just need to understand what yourHomeowners insurance will cover.

The standard HO3 policy provides only $1,000 worth of coverage for a single item of jewelry and $1,500 for your entire collection. For example, if your $6,500 engagement ring, a pair of $500 earrings ,and a $1,000 class ring were stolen, you would receive a reimbursement of only $1,000, not the actual value of $8,000. So be sure you’re protected by extra insurance. The cost is minimal compared to the risk of losing expensive jewelry and being unable to replace it.

We recommend adding a valuable articles “schedule” to adequately protect certain items. When you “schedule” valuable items you not only insure specific items, but your coverage is broadened to include “mysterious disappearance” (when you lose jewelry and have no clue where it went); and “pairs and sets” (which buys you a new set of earrings even if you lost only one).

Keep in mind that, to obtain additional coverage, your insurance company may require you to have a professional appraisal to set an objective value for your property, which might be significantly higher or lower than what you think it’s worth!

Jewelry is not the only type of property that you should consider scheduling. Similar coverage limitations exist for Silverware, furs, fine arts, guns, cash, deeds and more. Check out our infographic about “Special Limits” on certain items.

For more information on insuring your valued jewelry, please feel free to get in touch with your account manager.


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