Does Homeowners Insurance Cover Jewelry? Over 80% of people keep their valuables, such as jewelry and other personal properties, in their homes. And for these reasons, people do assume their homeowner insurance policies have adequate coverage for jewelry. However, this is not a lie, and it is not true.
Typical homeowner policies usually cover personal belongings. This includes items in your home, but the standard coverage limits may be insufficient to adequately protect valuable items like expensive jewelry. It is important to understand what your policy covers to prevent losses if your expensive jewelry gets damaged or stolen in a covered event.
When is my Jewelry Covered by the Homeowners Insurance Policy?
Homeowners insurance typically includes jewelry, but it only covers it up to a certain amount. Since jewelry can be very expensive and easily stolen, insurance companies often set low coverage limits for it. And the minimum coverage is usually around $1,500, though this can depend on the policy. Also, keep in mind that your deductible applies to losses of personal property, so if your jewelry is higher than the deductible, it wouldn’t be covered.
In addition, if your jewelry is worth more than the standard coverage limit, there are different options available for you. You can either increase your personal property coverage or consider scheduling personal property coverage. This coverage is an add-on to your policy, specifically for very expensive items, providing extra protection that surpasses standard limits.
Does my Homeowners Insurance Cover Stolen Jewelry?
Most home insurance policies consider theft a covered peril, but it is only up to the limits of the policy. Whether you have a very expensive item or a huge, valuable jewelry collection, your home policy will only cover it up to the limit for jewelry coverage. Keep in mind that, unless you add scheduled personal property coverage or increase your personal property coverage limit, your home policy may not provide adequate coverage to cover your stolen jewelry fully.
Does my Homeowner Insurance Policy Cover Lost Jewelry?
Every insurance company has certain criteria when it comes to lost jewelry. Personal property coverage in a home policy does not usually contain lost personal items. However, a stand-alone jewelry insurance policy or a scheduled property endorsement could offer more coverage against accidental jewelry loss.
Homeowners Insurance Endorsement
Just as I have mentioned above, to cover certain valuable items, you may have to add a scheduled personal property endorsement to your homeowners insurance. This is commonly used for jewelry as well as art, rugs, collectibles, and instruments. When you add this endorsement to your policy, your insurance provider will usually ask for a purchase receipt or a recent appraisal to insure it for a certain amount.
Keep in mind that, depending on the endorsement details, the item might not have a deductible. Or you could choose a lower deductible than your main policy. Be aware that adding this endorsement will typically make your premium go up, with the amount depending on the extra coverage you selected.
Jewelry Insurance
Some specific insurers do offer jewelry insurance policies. This stand-alone jewelry insurance policy may be advantageous if your insurer does not provide a personal property endorsement. Keep in mind that the specifics of the policy may depend on the company, but theft, loss, and some damages are typically covered.
How Can I File a Claim for Stolen or Lost Jewelry?
If your jewelry is stolen, the first thing you need to do is report it to the police. And then get a copy of the police report. You will have to tender this when you file a claim with your insurance company. Meanwhile, for jewelry damaged by a covered event, the first thing to do is to gather evidence like photos and videos of the damage. Then, contact your insurance provider immediately.
You should be ready to provide detailed information. And this includes receipts or an appraisal of the value of the jewelry. Depending on the type of coverage you choose, you may have to pay a deductible for damaged jewelry claims. If your claim gets approved, the insurance company will offer you payment or reimbursement up to the coverage limit of your policy.