What does jewelry insurance cover?
A standalone jewelry insurance policy typically covers theft, loss, or damage to a covered piece of jewelry, such as an engagement ring or heirloom necklace. For example, if you were to lose your ring while traveling, and the ring was listed on your policy, then you could file a claim. Your insurance may either pay the claim to you or directly to your jeweler to repair your ring or replace it with one of like kind and quality.
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What does jewelry insurance typically cover?
Jewelry insurance can pay to repair or replace your rings, necklaces, and other items of significant value in the following circumstances:
- Theft: If your covered jewelry is stolen, your insurance may pay to replace it for its appraised or agreed value.
- Loss: If you lose a covered item of jewelry, you may file a claim to replace it with one of equal value.
- Damage: If you damage your ring or other covered jewelry, such as knocking a stone out of its setting, your insurance may cover the cost to repair it.
Pro tip:
You can insure your more expensive jewelry through a standalone jewelry insurance policy or by scheduling your item (also known as adding a rider) through your homeowners insurance. Your standard personal property coverage on your homeowners insurance will usually cover less expensive jewelry automatically, up to your policy's sub-limits for jewelry.
What doesn't jewelry insurance cover?
Jewelry insurance typically doesn't cover intentional damage to an insured piece of jewelry, as insurance is meant to protect you from accidental damage or loss.
Does jewelry insurance cover me while on vacation?
Yes, jewelry insurers typically cover the jewelry you take with you on vacation or while traveling in general.
Does jewelry insurance cover cleanings?
Jewelry insurance typically doesn't cover cleanings. Keep in mind that some jewelers may require you to periodically have your jewelry cleaned to keep a lifetime warranty in force.
Does jewelry insurance cover all of my jewelry?
Jewelry insurers typically don't provide blanket coverage for a policyholder's entire jewelry collection (though less expensive jewelry may be covered under personal property coverage on your homeowners insurance). Instead, you must add each item you want covered to your policy, typically alongside an appraisal or receipt stating its value. As long as the jewelry is listed on your policy, your insurer may cover it for theft, damage, and loss.
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