Insuring High-Value Jewelry

Insuring High-Value Jewelry

The owners of high-value homes often have high-value possessions, too. Therefore, their homeowners insurance usually includes coverage that is tailored to address these items’ specific values. 

Still, homeowners insurance of any kind will have its limits, and one type of possession that frequently sees restrictions on coverage is jewelry. Whatever the sentimental value of your pieces, they have tangible value to insurers. That’s why you’ll have to work with your agent to define the most appropriate level of benefits for your specific needs. 

When Home Insurance Doesn’t Cover Jewelry  

On one hand, jewelry is usually insurable under both standard and high-value homeowners insurance. However, both types of plans include terms, conditions and limits on the jewelry coverage provided.  

For example, if your rings slips off while you are taking a shower, and goes down the drain, then your policy will not cover it. Loss in and of itself is not an insurable peril. Usually, your policy will only cover unexpected, unpreventable losses. Failing to take your jewelry off before a shower does not qualify.  

Other Accidents Will Have Coverage  

Though jewelry loss is typically not covered by homeowners insurance, there are numerous other scenarios where you might have coverage. Let’s consider your home being gutted by a fire, and your jewelry being destroyed. Or, what if a thief breaks in and makes off with your jewelry? Shouldn’t you be able to replace it? Under such unexpected circumstances, your home insurance will cover the loss of your jewelry.   

Nevertheless, keep in mind that even coverage home insurance will have its limits. For instance, even high-value home insurance policies might place a sub-limit on how much they will pay for jewelry. Even though you might have $100,000 in total possessions coverage, for instance, jewelry might be limited to only $10,000 worth of coverage. Is this enough for you?  

Getting Coverage for Jewelry