How to Insure Jewelry

February 12, 2013

Valentine’s Day is one of the biggest gift-giving holidays of the year, especially for expensive jewelry. But did you know that many homeowners and renters insurance policies limit the dollar amount for theft of personal items like jewelry to $1,000 to $2,000?

How to Insure Jewelry

Photo Credit: Seth Lemmons (Creative Commons)

So you would be covered if the gift were destroyed by a disaster listed in your policy like a fire or hurricane. But if that expensive pair of diamond earrings you’re planning to surprise your wife with this Valentine’s Day were lost or stolen, you might not have enough coverage to replace it.

If you’re planning to surprise your sweetie with an expensive gift this year, you may want to consider purchasing additional coverage through a floater or endorsement.

Floaters and endorsement are typically available as additions to homeowners insurance and renters insurance policies and do not carry any deductibles. They provide additional coverage for lost or stolen items that exceed your policy limits. Plus, they usually cover instances of “mysterious disappearance” like if you dropped a ring down a drain.

If you don’t have a homeowners or renters insurance policy, some companies will sell you a stand-alone policy to cover jewelry.

As soon as you purchase that expensive piece of jewelry for your Valentine, give your insurance agent a call and get that precious thing covered. You’ll be glad you did.

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