What is jewelry insurance: definition, cost, and coverage

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Jewelry insurance protects jewelry worth more than $1,000 to $2,000 depending on the insurer.
Jewelry insurance claims can hike your homeowners insurance rates.
Some jewelry owners prefer to buy a separate jewelry insurance plan.

Jewelry insurance is a key protection for higher value jewelry. Jewelry is more commonly lost or stolen, and coverage can help you repair or replace items.

Over $100 million of jewelry is stolen every year, according to the FBI. So adequate protection is vital, whether it be your engagement ring or an expensive necklace, equivalent to three months of income.

Your homeowners and renters personal items coverage replaces all your belongings up to policy limits. However, expensive single items like jewelry may require an extra homeowners insurance rider. It leaves room for your policy to protect furniture, clothing, computers, and other everyday items. But more importantly, it puts it on the record with your insurance company that you have these high-priced items. So you can get items replaced faster with higher reimbursements.

How does jewelry insurance work?

Many homeowners or renters insurance policies include jewelry in your personal property coverage up to a point. Unfortunately, that limit can be low, leaving many with inadequate or no coverage. Jewelry coverage can kick in after a covered event that requires home repairs or other reimbursements. Policyholders can also file jewelry claims without exercising different parts of the policy.

Unfortunately, jewelry is a high-theft item that’s also easily lost. As such, if your jewelry is above $1,000 to $2,000 with most insurance companies, you would lose the remaining value in the event of …read more

Source:: Businessinsider

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