Though most standard homeowners’ insurance policies cover jewelry and other valuable items to some degree, the protection is often minimal. For example, many such policies only reimburse for jewelry theft for up to $1,500 and silverware for up to $2,500.
With Valuable Items Blanket Coverage from AARP, you can extend your coverage limit to $10,000 for each of your valuable items. Additionally, this protection will cover lost or damaged belongings.
Valuables insurance can help safeguard your valuables, such as:
What Kinds of Items Is Valuable Items Insurance Covering?
If your treasured things are stolen or destroyed in a covered catastrophe, jewelry and costly items insurance can protect them, including engagement rings and wedding bands. A homeowners insurance policy that does not include a Personal Articles Floater (PAF) may not cover or provide enough for those valuables. That’s where jewelry and valuable goods coverage comes in handy.
Your valuable belongings blanket coverage can assist you in replacing your items if they are stolen, misplaced, or destroyed due to a covered loss. It will provide you additional protection for things such as:
- Engagement and wedding rings
- Fine art
- Musical instruments
Is It Worth It to Purchase Valuable Items Insurance?
With valuable items’ blanket coverage, you not only get extra protection but also won’t have to pay a deductible if you experience a covered loss. So, for example, if your diamond ring falls into your garbage disposal and is ruined, this coverage can help repair or replace it.
If your belongings are worth more than $10,000, you can get other insurance policies to safeguard them completely.
Here are answers to some frequently asked questions about jewelry and other valuable items insurance.
How Can You Insure Valuable Items?
Follow these steps to ensure your essential items:
- By reviewing your insurance policy’s terms, conditions, and limits, you can avoid buying more protection for your valuable items than you need.
- Please find out how much your stuff is worth: To get a reasonable estimate, you’ll need to describe your item well and know its value in dollars. You’ll need an appraisal if it’s worth more than $10,000.
- Examine the value of your technological equipment: If you have costly computers, you’ll want to be sure they’re safe.
- Examine your coverage with your insurance broker: After determining what you want to safeguard and how much it’s worth, selecting the correct amount of protection can be more accessible.
How to Know if Your Jewelry is Covered Under Homeowners Insurance?
Each piece of jewelry has a unique worth. Most homeowners’ insurance covers jewelry up to $1,500 for loss by theft, so if your valuables are lost or stolen, you’ll need additional coverage like our valuable items blanket coverage. When you have this coverage, you should report any losses as soon as possible to ensure that your policy is valid.
The Cost of Jewelry Insurance
The costs of insuring your jewelry depend on where you live, but in general, it may be 1-2% of the value of your item. For example, a $5,000 engagement ring would likely cost around $50 per year to insure with a $250 deductible.
Is Jewelry Insurance Worth It?
Here are some key concerns to consider before deciding whether or not to insure your treasured jewelry and valuables:
- Is it possible for you to imagine losing your valuables?
- If you lost, stole, or damaged your jewelry, would you want it replaced or repaired?
- If yes, how much would you pay out of pocket?
Cheapen the risk of loss, theft, or damage to your valuable items by getting a jewelry insurance quote today.
Travelers can protect your valuables and jewelry while on the road with our various insurance policies, including customized coverages for fine art.
1. Personal Articles Floater (PAF)
A PAF policy can help you relax, knowing that your possessions and jewelry are covered in case they’re lost. A separate policy needs to be bought for this protection, but it’s definitely worth the investment as there is no deductible for most classes or types of property. Also, the coverage protects against multiple risks like loss and theft.
A PAF policy may be beneficial for:
- Engagement rings and wedding rings
- Silverware, china, and crystal
- Fine art
- Stamp and coin collections
- Sound equipment (recorders)
- Wedding gifts
- Personal computers
- Musical instruments
- Golf equipment
- Pedigree dogs
- Garden tractors
Adding jewelry coverage to homeowners’ insurance
A Valuable Items Plus endorsement, which can be added to homeowners insurance for an extra premium, offers more protection and higher limits for certain valuables. Unlike the PAF, where items are itemized individually, the Valuable Items Plus endorsement provides blanket coverage that protects a category of property up to a set amount. This jewelry insurance coverage covers you against many hazards, including loss or theft of jewelry.
Does Homeowners Insurance Protect Your Jewelry and Other Valuables?
Homeowners’ insurance often only covers a specific amount of money for lost jewelry or valuable items based on the object type and reason for the loss. In the case of covered loss from theft or fire, valuable items coverage may provide you with the security you require for your valuables.
How do I insure my engagement or wedding ring?
Extras are also covered by Travelers’ wedding and engagement ring insurance. You may get a Valuable Items Plus endorsement or a PAF to add value protection to your diamond jewelry.
If you have a Valuable Items Plus endorsement on your home insurance policy, it will now cover your valuables from additional perils – subject to certain limitations. You may get up to $50,000 in coverage for jewelry, paintings, and other fine art; silverware is covered up to $20,000. Depending on the state, the maximum payout for any item may be $10,000 or $20,000.
A PAF, or Personal Articles Floater, offers extensive protection for those who own valuables that are rare, difficult to replace, or hold sentimental value. In the event of a covered loss, you will be compensated for the commercial value of your item (as evidenced by a bill of sale or appraisal). This policy can cover things such as fine art and jewelry at an amount mutually agreed upon by you and Travelers. For other items, the policy offers either actual cash value, the cost to repair, the cost to replace, or up to the insured amount, depending on the cause of loss and its current value.
Travelers offer insurance for your most valuable items, so you can rest easy when traveling.
Step 1. Make a list of the most valuable things you wish to safeguard.
Step 2. Assign a monetary value to each item. If you are unsure, consult with an appraiser for help.
Step 3. Call Travelers or your local independent agent today for a PAF insurance policy quote to ensure your travels.
Travelers Jewelry Insurance can Help You Protect Your Articles Now
Depending on what you need, protecting your valuables from loss may be an affordable option. You may build your policy by adding coverage and selecting the protection that best meets your demands, whether you need insurance for a single item or a range for a lot of valuables. Get an estimate now to protect the belongings most important to you from loss.
How to get insurance for your valuable items
Art or rare jewelry may be at the top of your list while building a house inventory of your stuff. However, while standard homeowner’s or renter’s insurance policies cover personal belongings, they are frequently restricted to certain high-value items. Fortunately, most insurance providers offer methods for you to modify your approach and guarantee that all of your possessions are adequately protected.
Tips for insuring your valuable items
Sentimental and expensive items would be costly to replace. That’s why insurance for these items is crucial. Here are some tips on how to ensure your prized possessions:
Check what your policy covers
Home insurance can be confusing, so it’s best to consult your policy to see what is covered. Most importantly, check the coverage limits for valuables, as these are usually different for damage and theft. In addition, find out if your policy has all perils or named perils coverage for personal property to understand which losses are included.
Get your items appraised
Professional appraisals will help you determine the value of your valuables and if your insurance policy provides enough coverage. Some items may even appreciate over time, so getting an appraisal every few years is recommended. This way, you can be sure that both their value and your coverage are accurate.
Make a home inventory
A home inventory is a crucial document that every homeowner should have. This catalog contains images and descriptions of all valuable items in the household, including essential information such as the original value, date, and place of purchase, and (if possible) a copy of the receipt. Should you need to file a personal property claim in the future, your home inventory will come in very handy.
To Contact Cindy Larsen Insurance, please call us at 763-783-1188, or you can visit our office at 2705 Bunker Lake Blvd NW Suite 206 Andover, MN 55304.
Professional Service with a Personal Touch.
Independent Agent with Atlas Insurance
“I stumbled across Cindy Larsen 15 years ago when we bought our first house, I was so impressed with her and we quickly switched all of our autos and toys over to her too. For the past 14 years I have been a mortgage broker, and I see thousands of home owner policies come across my desk so I know when someone is paying too much. I have referred all my clients I can to Cindy, because of the great rates, service, and trustworthiness she has provided our family and all my clients.”
Our Step-By-Step Service
We understand getting insurance moved over can be a hassle. That’s why our service and process exist to make it most convenient for you.
- Schedule a free, no pressure phone call so that we can can learn about you and figure out why your current insurance isn’t working.
- Our team will put together a customized insurance solution that is sure to meet all your needs.
- We’ll guide you in reaching out to your current insurance companies to help you make the transition.
Cindy Larsen Insurance
Independent Agent with Atlas Insurance
2705 Bunker Lake Blvd NW Suite 206
Andover, MN 55304
Monday – Friday 8 am to 6 pm