Do I Need to Buy Extra Coverage for My Jewelry on My Home Insurance Policy?

Your standard homeowners or renters insurance policy covers the theft of jewelry up to a certain value. To make sure your engagement ring or other valuable jewelry is fully protected, you may need to purchase additional coverage through a float or endorsement. Homeowners insurance covers jewelry as part of the personal property portion, so there is no extra cost to cover the jewelry. However, that coverage may not be enough if you have expensive jewelry that will account for most of your personal property limit.

Standard insurance for homeowners, renters and condominiums can cover your jewelry against certain losses up to a lower limit. To ensure that your jewelry is covered until it reaches its appraised value, you can add an additional clause. This process typically requires providing a recent receipt or appraisal and photos of the jewelry, depending on the item and the insurer. Like programming your jewelry with a floating policy, jewelry protection insurance covers your jewelry beyond common insurance risks. You can take out jewelry insurance separately if you have items whose value exceeds your home insurance limit.

However, unlike a jewelry protection insurance policy, claims filed against a jewelry protection insurance policy are not counted as claims against home insurance. You can increase the home insurance coverage limits for jewelry, but even those dollar amounts could be insufficient. As long as the person receiving the engagement ring is listed on the insurance policy, the ring will be insured. Supplementing your home insurance with a variable insurance policy or buying a separate jewelry insurance policy can help close gaps in your coverage. Lavalier Insurance Services, LLC and Berkely National Insurance Company are not affiliated with Progressive.

A standalone jewelry insurance policy can be purchased from a company that specializes in insuring jewelry. However, if you're happy with your current homeowners insurance company, Progressive also offers jewelry insurance as a standalone policy with a deductible. Coverage can vary between a standalone jewelry insurance policy and the addition of an additional property insurance clause, so consider quoting both options and carefully comparing terms and prices. Generally, your home insurance policy or jewelry insurance policy will also cover your jewelry while you travel. According to the Insurance Information Institute, a specialized jewelry policy can go beyond a floating insurance policy by covering incidents that a traditional insurance policy might not cover, such as a chipped stone in a ring or a broken necklace clasp. Personal property coverage under your home insurance policy wouldn't cover you in that case, since it's not on the list of hazards.

If standard coverage isn't enough, you can weigh the benefits of adding variable coverage to your home insurance or choosing a standalone jewelry insurance policy. Talk to your homeowners or renters insurance company to see what coverage you have and what your options are for adding an additional or variable insurance policy. The personal property coverage of a standard homeowners or renters insurance policy covers jewelry whose problem is covered by the policy, such as theft and fire.