Because jewelry is small and easy to go unnoticed, most renters insurance policies only offer limited personal property coverage in the event that it’s damaged or stolen.
If you have an engagement ring, heirloom, or custom jewelry pieces, you’ll need to get special coverage beyond your renters policy.
How much jewelry coverage does a renters insurance policy offer
Steve Wilson, senior underwriting manager at Hippo Insurance, told Insider that “coverage is built into policies for jewelry” up to a certain amount. He said most companies will limit what they’ll pay for theft because jewelry is small and easy to transport.
Most renters insurance coverage for jewelry tops out around $1,500. If the value of your jewelry exceeds this limit, you should increase your limits or get an add-on rider.
When is jewelry covered by renters insurance
There are three components of renters insurance: personal property coverage, personal liability coverage, and loss of use.
Renters insurance covers damage to your personal property from an insurance peril. An insurance peril is an event that causes damage to your belongings, like a fire, storm, or theft.
Jewelry would fall under personal property and is covered if related to a named peril.
Specialty items may not be included
Special jewelry — engagement rings, expensive watches, and heirloom pieces — may not be covered in the event of theft and may require a “personal article” endorsement or add-on rider, according to Wilson.
Most renters insurance coverage for jewelry is capped at $1,500. If your jewelry exceeds these limits, you should increase your limits or get an add-on rider.
If you have riders for jewelry, you will be required to catalog and provide appraisals for them.
How to get extra insurance coverage for your jewelry
You can ask your renters insurance to increase your personal property limit, but “the amounts are still limited for both individual pieces and overall losses,” according to the Insurance Information Institute.
A second option is purchasing a floater policy as an add-on to your renters insurance. The Insurance Information Institute notes that although this is more expensive, it offers the broadest coverage, including coverage your standard renters’ policy doesn’t include. Your jewelry must be appraised before purchasing a floater.
A third option is to purchase stand alone personal jewelry insurance. Bryan Howard, director of product management for Jewelers Mutual, told Insider that unlike a homeowners or renters policy, “a standalone jewelry policy is a comprehensive, all perils policy, meaning it covers every type of loss unless specifically excluded.”
With standalone jewelry insurance, your jewelry must be appraised. Howard noted that the premium for personal jewelry insurance is typically 1-2% of the item value. The premium will also be based on where you live, who’s wearing the jewelry, and the deductible.
Here’s a comparison of the jewelry coverage you can get with renters insurance, a floater policy for renters insurance, and a standalone jewelry insurance policy such as Jewelers Mutual.
| Jewelry Coverage | Homeowners insurance | Floater or add-on rider | Stand alone like Jewelers Mutual |
| Loss | No | Yes – appraised value | Yes – appraised value |
| Theft | Yes* | Yes – appraised value | Yes – appraised value |
| Damage | ** | ** | Yes – appraised value |
| Mysterious disappearance (unexplained loss) | No | Yes – appraised value | Yes – appraised value |
| Claims process | May require you to use jeweler of insurance choice. May require multiple estimates | May require you to use jeweler of insurance choice. May require multiple estimates | Repair or replacement with same kind and quality (up to the value on your policy) from the jeweler of your choice; no need for multiple estimates |
| Effect of claim | Claims may affect status of entire policy, including coverage for your home | Claims may affect status of entire policy, including coverage for your home | No increase to your Jewelers Mutual policy premium |
| Deductible | Same as overall policy | Flexible | Flexible |
*Subject to limits
**Depends on policy
Data from Jewelers Mutual
There are two major differences between a floater add-on to your renters policy and personal standalone jewelry insurance. The first is that if you make a claim under your floater, it may impact your rates for your renters policy. That doesn’t happen with standalone personal jewelry insurance.
The second is that your renters insurance floater policy may require you to use its authorized jeweler to repair or replace your item. However, standalone personal jewelry insurance works with the jeweler of your choice to replace or repair jewelry.
When should you get additional insurance for your jewelry
If you have jewelry valued above your renters insurance personal property limits, you need to consider a floater add-on policy or separate standalone personal jewelry insurance. Additionally, if you have custom jewelry or heirloom pieces, like an engagement ring, watch, or necklace, you should get a separate policy.
Both a floater and personal jewelry insurance require an appraisal for the items to be insured. Normally, your jeweler will refer you to an appraisal company. If you do not have an appraisal, receipts for the items are acceptable.
How to file a claim if your jewelry is lost or stolen
Treat stolen or damaged possessions like a car accident. Follow these steps to report and file a claim.
1. Notify the police and file a police report if it is due to theft. Your insurance company may request a copy of the police report.
2. Take pictures of damaged possessions and what caused the damage (fire, storm, etc).
3. Contact your renters insurance company. Failure to timely notify your insurance provider can result in denying the claim.
4. If you have a stand alone jewelry policy, contact the company.
If you insured your jewelry through your renters insurance or a floater policy, you may be required to use a jeweler of their choosing. However, if you have personal jewelry insurance, you will be allowed to have your jewelry repaired or replaced at your chosen jeweler. Your jewelry will be covered for the appraised value minus any deductible.
Ronda is an attorney, writer, and entrepreneur. She is a contributing writer for the Huffington Post. Originally from Chicago, she has lived in Los Angeles and New York. She loves to travel and is passionate about education equity, especially for first generation college students.