Is your jewelry covered under your homeowner insurance policy?

April 7th, 2015

It’s important to know that just because you have homeowners insurance, your jewelry is not automatically covered. It is best to call your broker to discuss the items and whether you should schedule them.

If you go ahead, some insurance companies will require an appraisal, whereas some do not. Often times the store where you’ve purchased your jewelry will offer free appraisals. Remember that the most important thing about an appraisal is to provide you with accurate documentation and accurate replacement values.

Additionally, some insurance companies have blanket coverage available for purchase. Just remember that any items that are valuable to the clients should be discussed with the broker to make sure in the case of a loss, they do not find themselves under insured. Also – when the item is scheduled there is normally not a deductible that needs to be paid.

Over time, the value of jewelry and gemstones can fluctuate. For fine jewellry, an outdated appraisal could mean that you could be insured for less than the replacement value. Which could mean a substantial financial loss, as well as perhaps sentimental. All companies have limits or maximum amounts they pay out for jewelry, most of them are between 6-10k. Ultimately to ensure that you’re jewellry is adequately covered, talk to your broker.

Have an insurance question? Ask an expert. 

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