Determining if you need Jewelry Insurance

Although it may be covered by your current homeowner's or renter's policy, it may be a good idea to purchase additional coverage for your jewelry. You should consider purchasing additional coverage if the value of your jewelry exceeds the coverage amount on your policy. Typically, homeowner's policies offer $1,000 for theft of jewelry and renter's policies typically cover up to $500. Another thing to take note of is that these policies usually only cover theft of jewelry, not damage. You should consult your insurance provider to determine the coverage amount and if the policy covers damage as well as theft.

If you decide to contact your insurance provider, there are several questions that need to be asked. We have taken the liberty of posting some sample questions for your convenience:

1. How much does my current homeowner's / renter's policy cover for jewelry?
2. Does my current policy cover damage to jewelry other than theft?
3. Is there a deductible?
4. Do I need to have an appraisal or any other documentation?
5. Can I increase the amount of coverage on my jewelry?

You should have your jewelry insured by an independent appraiser, most policies will require this and it will help to determine if you need to purchase independent jewelry insurance. If the value of your jewelry is more than your policy covers, it is recommended that you purchase additional jewelry.