Protecting Jewelry With Renters Insurance
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If you're a renter and own a lot of jewelry, the best renters insurance policy is one that adequately protects all of your valuables. But you'll need to carefully consider how much coverage you need.
How much renters insurance coverage do I need?
When buying renters insurance, the company will ask how much personal property coverage you need. Jewelry falls under this amount. But most renters insurance policies will only cover up to a specified amount for certain categories, including jewelry.
For example, if you purchase a renters insurance policy with $25,000 of personal property coverage, your jewelry might be covered for up to $2,000.
Your coverage needs depend on what you own and the value of each item. If the total value of your jewelry falls under $2,000, then you probably won't need more coverage. But if the value exceeds your policy limits, then it's a good idea to expand your coverage to protect your jewelry against theft, damage or loss.
Expanding coverage for jewelry
If you need more coverage for your jewelry, you can purchase an endorsement or schedule specific items.
Renters insurance endorsements — also called riders or options — raise the claim limit for a specific category.
Endorsements are perfect if your entire jewelry collection requires a lot of coverage and no one item is more valuable than a specific limit. The per-item limit depends on the insurer, but it's usually $2,000 or $2,500.
Any single valuable worth more than that limit will need to be scheduled. Scheduling a single item, such as a $10,000 ring, is like taking out a small insurance policy for that specific item.
As a renter, you might need to purchase an endorsement (or rider) to expand your jewelry limit in addition to scheduling items. Adding an endorsement or scheduling an item will increase the cost of a renters insurance policy, but the good news is that renters insurance is relatively cheap.
The most important thing to consider is whether all of your jewelry is covered — no matter what combination of endorsements and scheduling you use. All renters insurance companies offer endorsements and will schedule items, though it's easier to do with some companies than others.
Increasing a jewelry limit when purchasing a policy
At some insurance companies, instead of adding a jewelry-specific rider, you'll find that a dedicated jewelry coverage amount is already specified in your policy. You'll be able to increase that coverage amount to match the amount of protection you need.
For example, when gathering a State Farm renters insurance policy quote online, shoppers can increase the standard jewelry coverage from $1,000 to either $2,500 or $5,000. Doing so also increases the company's policy limits per jewelry item to $1,500 and $2,500, respectively.
Renters with Liberty Mutual have the unique option to add “blanket jewelry coverage” to their policy. This is essentially a rider, but items don't have to be individually appraised when the coverage is added. All a policyholder needs in the event of a claim is proof of ownership and valuation documents, such as a receipt or financing for an item.
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