When “engagement season” ended on Valentine’s Day, did you have a new ring on your finger? Or maybe you recently inherited some valuable jewelry or bought a pricey watch? Jewelry often has both monetary and sentimental value. What would you do if your treasured piece was destroyed or stolen? Would insurance cover the loss?

Homeowners, condo, and renter’s insurance do offer coverage for personal property, including jewelry. However, coverage for jewelry (and other high-value items) is almost always limited to substantially less than the full amount of your policy’s personal property coverage. Modern engagement rings, for example, often cost many thousands of dollars and their value may exceed the limits of your homeowners, condo, or renter’s insurance policy.

How to decide if you need coverage for your jewelry

To decide if you need extra insurance coverage for your jewelry, there are a few things to think about. First, read your homeowners, condo, or renter’s policy to see what the coverage limits are for jewelry.

Next, consider the value of the item(s) you want covered. Do you have one expensive item, or several less expensive items that add up to more than your policy limits?

Do you wear your high-value item every day, or is it usually kept in a safe deposit box and rarely taken out and worn?

Are your items primarily sentimental or irreplaceable? Would you want to replace them with something similar if they were stolen or destroyed?

If you would definitely want to replace your jewelry, and you wear it often—like that engagement ring—you will likely want to protect your bling with jewelry insurance. The good news is that jewelry coverage is quite affordable.

Jewelry insurance options

If you’ve decided you need more insurance coverage for your jewelry, you have several options.

The simplest and most cost-effective way is to add additional coverage for your jewelry to your existing homeowners, condo, or renter’s policy. You can either raise the total coverage—sometimes called “blanket” coverage—or you can buy dedicated coverage for a specific high-value item, such as an engagement ring.

A second option is a standalone jewelry policy. These specialized policies offer more comprehensive coverage for your jewelry, but will likely cost more than adding additional coverage to your existing homeowners, condo, or renter’s policy.

What you’ll need to get jewelry coverage

To buy jewelry coverage, you will need to prove the value of the item. Keep receipts of recent purchases, and you may also need a current official appraisal from a certified gemologist. Note: the name on the appraisal should be the same as that of the person insuring the jewelry.

Turn to Lakewood Financial Services for all your insurance needs

Making sure you have enough insurance coverage for your personal property, including your jewelry, can give you peace of mind that you’ll be able to replace your belongings if you experience a covered loss. If you have any questions about what your homeowners, condo, or renter’s insurance policy covers, ask your insurance agent or call your insurance company.

If you need insurance, work with an independent insurance agent, like those from Lakewood Financial Services, to understand your options for insuring not only your valuable jewelry, but your home, your vehicles, and even your business. You can reach us by calling 941-747-4600, or click here to contact us online.