Standard homeowners and renters insurance policies include coverage for personal items such as jewelry and other valuables. However, many policies limit the dollar amount for the theft of valuable personal possessions such as jewelry, furs and precious stones to $1,000 to $2,000.
“To properly insure jewelry, consider purchasing additional coverage through a floater or an endorsement,” said Jeanne M. Salvatore, senior vice president and consumer spokesperson for the I.I.I.
In most cases, you would also be covered for “mysterious disappearance.” This means that if your ring falls off your finger or is lost, you would be financially protected. Floaters and endorsements carry no deductibles and frequently provide the option of having the insurance company replace the item for you.
Floaters and endorsements are available as additions to homeowners and renters insurance policies. Some companies also offer a stand-alone policy to cover jewelry without having to purchase a full homeowners or renters policy.
“While there is no way to insure the sentimental value of jewelry, at least having it properly insured will provide financial protection in the event it is lost or stolen,” noted Salvatore.
To make sure your jewelry is adequately protected, the I.I.I. suggests the following:
The I.I.I. is a nonprofit, communications organization supported by the insurance industry.