Not all homeowners or renters insurance policies offer full coverage for you engagement ring or your other valuable jewelry. Your insurance policy probably covers jewelry theft but not loss for other reasons.
The Typical Insurance Policy
A renter or homeowners insurance policy usually set limits on the loss of certain categories of personal property, like jewelry. Homeowners policies typically pay a maximum of $1,000 for jewelry theft. Where as a renter's insurance might only pay $500.
You should know whether your insurance policy covers jewelry loss for reasons other than theft like if jewelry is lost or damaged. Read your policy carefully and be sure to ask your agent to explain the types of losses that are covered by your insurance policy.
Buy Additional Jewelry Insurance
You can also purchase additional insurance for your fine jewelry, but be sure to ask your agent plenty of questions so that you fully understand the coverage:
Is there a deductible? If there is, how much is it and if you raise or lower your deductible will it affect your policy costs?
Does the policy require an appraiser to value the jewelry? Do they have only certain types of appraisers whose reports are acceptable?
Are the items covered anywhere? Will the insurance protect you on a domestic or international trip?
Is your jewelry covered for full replacement cost? Will you have to replace the item, or can you get a cash settlement?
Does the policy cover repairs to damaged jewelry?
Some Jewelry Insurance Options
The Chubb Group provides insurance specifically for jewelry. They offer insurance through independent insurance agents and jewelry retailers. This is an example of The Chubb Group's engagement ring policy guidelines"
Full coverage for the itemized amount shown on the policy.
Do Deductible.
Coverage applies worldwide for lost or stolen rings.
Replacement is not required, Chubb offers a cash settlement. If you do replace the ring you select the jeweler.
They also recommend you get an appraisal for all insured jewelry, but only for pieces valued over $50,000. Chubb does not cover loose diamonds.
Jewelers Mutual is another insurance company that offers policies that cover jewelry. They cover both repair and replacement. They do not cover unset stones, damaged items, or antique jewelry. An appraisal is required for their coverage.
Always make sure you read any fine print in your policy and be sure to ask your agent to clarify anything that you do not fully understand.
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