Posted December 14th, 2012
Normally homeowner insurance contains a fixed maximum amount of coverage for jewelry (per item and total). How much you have depends on your individual policy language. However, if you have a valuable ring or a family heirloom, special coverage will probably be necessary. With most companies to obtain this coverage you will need to get a professional description of the ring and an estimate of replacement value. (It is important to review these as the values can change because of inflation and other reasons.)
Obviously for most people the first time they would have to deal with coverage for jewelry, would be after the purchase of an engagement ring. Most insured’s should consider the possibility of adding an Insurance “rider” (Also called an insurance coverage extension) to their homeowner’s or renter’s policy. This type of coverage would normally be designed for a particular item. If the insured does not have an in force policy or desires a specific form of coverage, a stand-alone policy can be purchased. Obviously this option would be probably be more expensive, but the flexibility of the coverage might make it a better choice.
As additional jewelry items are purchased an insured may wish to consider blanket coverage rather than insuring each item individually. Insurance them as a group can lead to a much lower insuring cost and can offer immediate protection for additional purchases (as long as the coverage limits are high enough).
Any insurance coverage you select should be review with your local independent insurance agent. She can help you understand what coverage you currently have available and what step need to be accomplished to add any additional coverage. One good question to ask your agent is if mysterious disappearance coverage is currently provided under your policy . . . and if not is it available and at what cost. If you have foreign travel plans you might want to discuss geographic coverage limitations.
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