In a previous blog article, we pointed out some of the limitations in a typical homeowners insurance policy. Here’s how a “standard” policy limits jewelry:

$2,500 for loss by theft of silverware, silver-plated ware, goldware, gold-plated ware, platinumware, platinum-plated ware and pewterware.

According to the website, The Knot, the average engagement ring costs $5,978, so there’s a good chance you have some gaps in what your policy covers, and what your jewelry is worth.

Keep in mind that the limitation is only for loss by “theft”, but theft is probably one of the most likely ways you’ll have a claim on jewelry.

How To Insure Your Jewelry

1. Make sure you have an accurate appraisal. If the jewelry is new, you’ll likely have a receipt or jewelers appraisal statement. If the jewelry is older, especially antique, and you haven’t had it appraised in a while, it’s a good idea to pay a competent jeweler to appraise your items. You might be shocked at what some of your great-grandmother’s pieces are worth today.
2. Check YOUR policy. The $2,500 limitation is what the “standard” policy has in it. Your policy might provide a much higher limit.
3. Check your endorsements – Oftentimes, insurance companies will use a standard insurance form, but then they’ll “sweeten the deal” by adding a “coverage endorsement”. Endorsements change the standard policy by adding or removing coverages. Many companies automatically increase the jewelry limitation with a coverage endorsement. You will typically find endorsements on a separate page toward the back of your policy packet.
4. Insure your jewelry specifically on your existing policy – known as a “jewelry rider” or a “jewelry floater” these endorsements give you additional coverages for your jewelry. They also typically list out each piece of jewelry insured, and the value that you are insuring each specific piece for. This can help eliminate any questions of value at the time of a claim.
5. Purchase a separate jewelry policy. This is sometimes the best way to go if you have an extensive collection of jewelry.

As always, if this article has caused you any concerns, Call Us! We’ll be happy to review your current policy (whether you’re insured with us or not) and give you an honest opinion on the best way to insure your jewelry.

About David Dempsey Insurance Agency

Founded in 1984 by David Dempsey, David Dempsey Insurance Agency serves Rome, GA, Floyd County Georgia, metro Atlanta and surrounding area. Focusing on insurance for families and individuals, we don't provide quotes - we provide auto and home solutions for our fellow community members. We also specialize in insuring retail businesses, restaurants, health clubs and child care / home care centers.