Americans spent $4.1 billion on jewelry this Valentine’s Day, the National Retail Federation estimates. If you were one of the lucky recipients, you might be wondering: does my homeowners or renters insurance cover my jewelry?
The short answer is “somewhat”. If your jewelry burns up, or is blown away in a tornado, it’s covered. But that’s not usually what happens to jewelry. Most commonly, jewelry is stolen or lost, or a stone falls out of its setting.
What Kind of Jewelry Should I Insure Separately?
More expensive jewelry pieces should be separately insured, for several reasons. Because they’re subject to limitations on your homeowners policy, they may be only partially covered – or not at all. Certainly, any jewelry with precious stones, especially valuable ones, should be separately insured.
How Much Does Jewelry Insurance Cost?
Jewelry insurance is surprisingly affordable. Insuring $5,000 of jewelry on your Portland Maine renters insurance, condo or homeowners insurance usually costs less than $40.00 a year.
Do I Need to Have My Jewelry Appraised?
Jewelry pieces valued greater than $5,000 must be appraised to be added to most insurance companies’ policies. Insurance companies also require appraisals about every 5 years. Gemstone, gold, platinum and silver prices fluctuate based on popularity, supply and demand, and condition. Appraising your jewelry makes sure that your coverage keeps pace, and also provides an opportunity to have the settings, strands and gems checked. This can avoid the heartbreak of lost jewelry.
Should I Take Pictures of My Jewelry for Insurance?
Photographing your jewelry is always a good idea. Even if your pieces were not separately insured, photographs can help the police recover stolen jewelry, or help a claim adjuster identify exactly what you had prior to a loss.
Our Portland, Maine area insurance agency hosts periodic free jewelry inspection events, where you can have your settings checked, and jewelry cleaned and photographed for insurance purposes. If you would like to be notified of future events, like Noyes Hall & Allen Insurance on Facebook.
For answers to your personal or business insurance questions, contact our experienced Maine insurance agents at Noyes Hall & Allen Insurance: 207-799-5541. We represent many different insurers, so we can offer a solution customized to your needs and situation.