Jewelry, Valuable Items and Engagement Ring Insurance
Suburban Brokers
Is jewelry insurance worth it?
Your jewelry is more than an accessory, it’s a personal expression that connects you 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.
Contact your local independent agent or Travelers representative to get a quote today.
What does jewelry insurance cover?
Jewelry and valuable items insurance can help cover jewelry – including engagement rings and wedding rings, collectibles, sporting equipment, electronics and more – if it is 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 insurance can help.
How much does jewelry insurance cost?
Jewelry and valuable items insurance costs vary according to the value of items covered and 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 – with a $250 deductible.
How to insure jewelry and valuable items
Step 1. Make a list of the valuable items you want to protect.
Step 2. Obtain the value of each item. You may need to consider having some items appraised.
Step 3. Call Travelers or your local independent agent for a quote on a PAF insurance policy.
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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 about the best way to cover your valuables.
Is it worth it to get jewelry insurance?
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:
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Can you imagine losing your jewelry?
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If your jewelry was lost, stolen or damaged, would you want it replaced or repaired?
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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 with Travelers
Personal articles floater (PAF)
This itemized coverage can help give you some peace of mind should covered possessions be lost. Offered as protection for valuables, a PAF policy can be purchased separately.
Consider a PAF policy for:
- Engagement & wedding rings
- Jewelry
- Watches
- Silverware, china & crystal
- Antiques
- Fine art
- Stamp and coin collections
- Bicycles
- Sports equipment
- Sound equipment (recorders)
- Cameras
- Computers
- Musical instruments
- Golf equipment
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.
Coverage for your valuable items
Connect with an independent agent and decide if a jewelry insurance policy or PAF add-on coverage is the right choice to protect your valuables.
Tips to protect your possessions with valuable items insurance coverage
You may think that a homeowners insurance policy provides adequate coverage for your valuables, but policies may provide limited or no coverage for expensive items that are damaged or stolen. For example, if jewelry valued at $2,000 is stolen from your home and you have a $1,000 policy limit, you can only receive $1,000 from your insurer to replace the missing items. That’s when a personal items floater (PAF) may help. This coverage can help protect you from the loss of high-end valuables such as jewelry, furs, antiques, artwork and collectibles.
Read below for more considerations when deciding if you need valuable items coverage.
Read your insurance policy
Your insurance policy is a contract between you and your carrier. This document includes the limits of how much you will be compensated when certain valuable items are damaged or stolen. Note that certain items may not be covered, so be sure to carefully review your policy to determine whether you have insurance that meets your needs. If you have questions, contact your insurance agent.
Have your valuables appraised
You may have possessions that are worth more than you think. To help you decide whether you need additional coverage, it may be helpful to have them appraised. An appraisal can help you determine if your homeowners insurance policy covers the full value of your property, as some items may not be covered.
It may be necessary to have your valuables reappraised periodically. If they increase in value, you may need additional coverage.
Create a home inventory list
You may not be able to make a decision about whether to buy additional coverage until you know exactly what you own. You may want to take stock of your possessions by creating an inventory checklist. Do not forget to check your garage, basement or attic for stored valuables, such as antiques and coin collections.
Be sure to list all items of value and include copies of receipts or appraisals when possible. This may help you if you ever need to file a claim.
Take stock of your personal computers and electronic equipment
In our increasingly digital world, people depend on personal computers and other individually owned computing devices to perform their jobs and maintain social connections. In recent years, many new technology platforms have been developed that we may use in our daily lives. If you keep high-end computers and other advanced electronics in your home, you may want to check if your homeowners policy will cover their loss.
Get clear on your options by speaking to an insurance agent
Your need to insure valuable items is something you may want to discuss with your agent whenever you buy a homeowners policy. If you purchase additional coverage for high-cost items, it is a good idea to understand its limits and exclusions.
Protect your valuable items by choosing the coverage that meets your needs.
FREQUENTLY ASKED QUESTIONS
Questions about jewelry insurance and insuring other valuable items
Does your homeowners or renters insurance policy cover your most valuable belongings? Here’s a quick FAQ guide to navigating your options and finding the insurance coverage you need.
Your existing homeowners policy may include some coverage for jewelry and other valuable items. However, the coverage is often limited to $1,000 to $1,500 per item. While this helps keep homeowner policy costs low, it may not provide enough protection against the true cost if an item is damaged or stolen.
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Increase the limits on your existing homeowners policy: If your coverage limits are low, it may be possible to increase those limits. By increasing your limits, you’ll get more coverage for all your belongings in case of a disaster, theft or other incidents.
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Consider a personal articles floater (PAF): Another option to consider is personal property protection that’s designed to cover specific items. A PAF policy can be purchased separately. A PAF allows you to list the particular items of value you want covered.
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Consider a Valuable Items Endorsement that can be attached to a homeowners policy. The Valuable Items Endorsement does not allow itemization.
A personal articles floater policy (PAF) provides insurance coverage specifically for jewelry and other valuable items. Examples of items you might list on your Travelers PAF policy include artwork, engagement rings, jewelry, antiques, high-end collections or high-priced hobby equipment like music and golf equipment. A PAF policy can be a good choice when the value of a single item exceeds policy limits of your homeowners policy, or when you have a significant number of valuable items to insure. A Travelers PAF policy can be customized to your needs.
If you have valuable items you’d like to insure, it’s easy to get started:
- Read your existing homeowners policy. Find out what coverage your policy currently includes, applicable coverage limits and any other pertinent information.
- Make a list of the valuable items you’d like to secure additional coverage for. Some items might include jewelry (including engagement rings), artwork, silver, vintage items and other items with a high value.
- Attach a value to each item. You may be required to show a receipt to demonstrate the value of an item or may need to have some items appraised. You will need this to gather an accurate understanding of each item’s value and the total combined value of all the valuable items you’re seeking to insure.
- Get a quote on the cost of a PAF insurance policy. Since this type of policy insures a specific set of valuables, the quote should be based on your individual coverage requirements.
Travelers offers 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.
With a PAF, in the case of a jewelry or fine arts covered loss, the coverage allows you to recover the agreed value (based on a recent bill of sale or appraisal). 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.
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