Insurance Blog
Monday, 07 February 2022 17:31

Engagement Ring, Other Jewelry, and Valuable Items Insurance

Your jewelry is more than an accessory, it’s a personal expression that connects to something meaningful in your life. Whether it’s your engagement ring or your grandfather’s watch, you can help protect your cherished items with a jewelry and valuable items insurance policy. 

What Does Jewelry Insurance Cover?

Jewelry and valuable items insurance can cover your favorite items from jewelry to collectibles, sporting equipment, electronics and more – including engagement rings and wedding rings – if they are stolen or damaged in a covered event. A typical homeowners insurance policy without a Personal Articles Floater (PAF) may not cover, or provide enough coverage for those valuable items. That’s where jewelry and valuable items coverage can help.

How Much Does Jewelry Insurance Cost?

Jewelry insurance costs vary, depending on where you live. In general, jewelry insurance may cost between 1% to 2% of the value of your jewelry or valuable item. For example, a $5,000 engagement ring could cost as little as $50 per year to insure.

Is Jewelry Insurance Worth It?

Only you can decide whether your cherished jewelry or valuable items are worth protecting with insurance. Ask yourself the following questions to explore whether jewelry and valuable items insurance is right for you:

  • Can you imagine losing your jewelry?
  • If your jewelry was lost, stolen or damaged, would you want it replaced or repaired?
  • If the answer is yes, how much would you be able or willing to pay out of pocket?

Options for Insuring Jewelry and Valuable Articles

1. Personal Articles Floater (PAF)

This itemized coverage can help give you some peace of mind knowing your belongings and jewelry may be covered should they get lost. Offered as protection for valuables, a PAF policy can be purchased separately. There is no deductible for most classes or types of property and the coverage insures against many risks, including loss and theft.

Consider a PAF policy for:

  • Engagement rings and wedding rings
  • Jewelry
  • Watches
  • Silverware, china and crystal
  • Antiques
  • Fine art
  • Stamp and coin collections
  • Bicycles
  • Trophies
  • Sound equipment (recorders)
  • Wedding gifts
  • Cameras
  • Personal computers
  • Musical instruments
  • Golf equipment
  • Pedigree dogs
  • Garden tractors

2. Adding Jewelry Coverage to Homeowners Insurance

Available as an add-on coverage to homeowners insurance, a Valuable Items Plus endorsement can offer expanded protection and higher limits on certain types of valuables. Unlike the PAF, where items are individually listed, the Valuable Items Plus endorsement provides blanket coverage that affords protection for a class of property collectively, such as jewelry, up to a certain amount. This jewelry insurance coverage insures against many risks, such as lost or stolen jewelry.

Frequently Asked Questions About Jewelry Insurance

Q: Does Homeowners Insurance Cover Jewelry and Valuable Items?

A: Homeowners insurance may provide limited coverage amounts for lost jewelry or valuable items based on the type of item and cause of loss. Valuable items coverage may provide the protection you need for your valuable possessions in the event of covered loss from, for example, theft or fire.

Q: How Do I Add Engagement Ring Insurance or Wedding Ring Insurance to My Policy?

A: There are two options for adding engagement ring insurance or wedding ring insurance: You can purchase a Valuable Items Plus endorsement or a PAF. With a Valuable Items Plus endorsement, your homeowners insurance coverage is expanded to protect your valuables from loss caused by additional perils – subject to a few common exclusions. For jewelry, paintings and other fine art you can purchase up to $50,000 of coverage; for silverware, you can purchase as much as $20,000 of coverage. The maximum payment for any one item is either $10,000 or $20,000, depending on the state.

If you own valuable, rare or irreplaceable items, such as collectibles or antiques, you may want to consider the comprehensive protection offered by a PAF. In case of a covered loss, this coverage allows you to recover the value of an item (based on a recent bill of sale or appraisal). This policy provides coverage for items such as fine art and jewelry at an amount you and Travelers agree upon. For other items, the policy provides either actual cash value, cost to repair, cost to replace or up to the insured amount, depending on the cause of loss and its current value. 

How to Insure Jewelry and Other Valuable Items

Step 1. Make a list of the valuable items you want to protect.

Step 2. Assign a value to each of them. If you’re not sure, consider having the items appraised.

Step 3. Call us or complete the form below for a PAF insurance policy quote.

Protect Your Personal Articles Today with Valuables Insurance

Protecting your valuables from loss may be an affordable option depending on your needs. Whether you just need coverage for your jewelry or want insurance for multiple valuables, you have options. You can add on and choose the coverage that fits your needs. 

Get the additional protection you need with a comprehensive valuable items insurance policy. Call us at 800-590-5383 to find out if a rider is right for you, or complete the form below to receive a valuable insurance policy quote. 

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Disclaimer: The coverages in this article are described in general terms and are subject to actual policy conditions and exclusions. For actual coverage wording, conditions, and exclusions, refer to your policy or contact your agent. Links to third party websites, vendors, apps are for informational purposes only and are not a recommendation. Baldwin | Welsh & Parker Insurance is not responsible for pricing, claims, or functionality of this article. 

Source: Travelers Insurance

 

 

 

Read 488 times Last modified on Tuesday, 08 February 2022 16:25
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