Jewelry and Valuable Items Insurance
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SPEAKER: How to insure your jewelry and valuable items.
Valuable items, we all have them. Whether it's your engagement ring or a beloved family heirloom, you deserve peace of mind knowing that your prized possessions are protected from loss.
While typical homeowners policies are designed to protect your home and what's inside, there may be limited coverage for certain valuables that get lost, stolen, or damaged. With a valuable items endorsement or Personal Articles Floater, you can help protect those valuable possessions.
Here are some tips on how to insure your jewelry and valuable items. Read your homeowners policy. Know what your policy covers and your coverage limits. And remember, certain high-value items may not be adequately covered.
Make a list of the valuable items you want to protect. This might include jewelry, artwork, silverware, golf clubs, or other items of significant value.
Assign a value to each of them. If you're not sure, consider having the items appraised and get the total combined value of all the items you want to insure. Keep in mind that insurance carriers may require a written appraisal or receipt to verify the value of these items.
Consider increasing your coverage. Talk with your insurance agent about what it will cost to add the appropriate coverage to your homeowners policy to adequately cover your valuables. Chances are, you'll find the cost is pretty reasonable.
Ask your agent for a quote on a Personal Article Floater insurance policy. This can be a good choice when the value of a single item exceeds applicable limits of your homeowners policy or when you have a significant number of valuable items to insure.
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If it's precious to you, it's precious to us. Talk to your Travelers representative or independent agent aboutthe best way to cover your valuables.
Does Homeowners Insurance Cover Jewelry and Valuable Items?
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.
Does Homeowners Insurance Cover Engagement Rings and Wedding Rings?
Homeowners insurance alone may not sufficiently cover your engagement rings and wedding rings. People who own valuable possessions may need broader coverage than a basic homeowners policy provides. The good news is that there is additional protection available that may help cover the cost of a lost or stolen engagement ring or wedding ring.
How to Add Engagement Ring Insurance or Wedding Ring Insurance
You can add engagement ring insurance or wedding ring insurance through two options that Travelers offers: You can purchase a “Valuable Items Plus endorsement” or a “Personal Articles Floater (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 coverage. The maximum payment for any one item is either $10,000 or $20,000, depending on the state. You pay no deductible.
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 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.
What Does Jewelry Insurance Cover?
Jewelry insurance covers valuable items from jewelry to collectibles, if they are stolen or damaged in a covered event. A typical homeowners insurance policy may not cover, or provide enough coverage for, those valuable items. Jewelry and valuable items coverage can help give you peace of mind.
How to Insure Jewelry and Other Valuable Items With Travelers:
Step 1. Tell us what jewelry or valuable item you need to insure.
Step 2. Fill out a brief form to tell us about yourself and your jewelry or valuable item and how much it is worth.
Step 3. Once you’ve obtained the coverage you need, enjoy your jewelry or valuable item, knowing that you’ve protected these items with insurance coverage from Travelers.
1. Personal Articles Endorsement or Floater
This itemized coverage can give you some peace of mind knowing your belongings and jewelry may be covered at the time of a loss. Offered as protection for valuables, policies can be purchased separately. There is no deductible for most classes or types of property and the coverage insures against many risks.
Consider a Personal Articles Floater 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)
- Sports equipment (archery, camping, fishing, skiing)
- Wedding gifts
- Cameras
- Computers
- Musical instruments
- Golf equipment
- Pedigreed dogs
- Garden tractors
- Political campaign collections
2. Adding Jewelry to Homeowners Insurance
Available as an add-on coverage to homeowners insurance, a Valuable Items Plus endorsement can offer higher limits on certain types of valuables, and expanded protection. 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 insurance coverage, up to a certain amount. This coverage insures against many risks, such as lost jewelry.
Summary
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, Travelers offers multiple options. You can add on and choose the coverage that fits your needs. Find a Travelers agent near you to get an insurance quote for your diamond, wedding or engagement ring, or any other valuables you may want to protect.