Does renters insurance cover my jewelry?
Answers:
The STANDARD renters policy, an HO4 including theft, will cover THEFT, up to $1200 (dollar amount changes per company). That's a TOTAL theft amount, not per item.
If you want to cover breakage (which would pay cost to repair), or a stone falling out, or the dog ate it, or theft more than the dollar amount your policy limits it to, you'll have to "schedule" the jewelry on a seperate floater. Call your agent to get quotes on how much that will be.
THe policy depends on what you want to pay to cover. Usually they don't cover breakage or loss; but if you have a policy, look it over or call your agent; it you are thinking about one, call a few.
It should. Make sure you have listed a schedule of items of jewelry that you have, with their value. Breaking, theft, even mysterious disappearance (loss) can be covered with minimal extra cost.
I know someone who was standing at the sink wearing a very expensive antique wedding ring. Her hands were slippery from food prep and the garbage disposal was running. She pulled on her ring to take it off and put it out of the way and instead it went flying off into the disposal that smashed it. Her renter's policy covered that and reimbursed her for the value of that ring without any complaining (although I think the insurance agent was seen crying).
It depends on your policy. Many require riders but will cover the loss wherever you are on the globe. I believe that if an expensive stone, such as a diamond, cracks many insurers cover the loss. Check with your agent. Most policies require that each piece be appraised. So, obviously it is only worth insuring certain pieces.
You can contact your insurance provider and have it covered. Belongings are minimal under normal policies. Increasing the coverage does not cost much.
Best thing to do is use an Insurance Company that specializes in Insuring Jewelry.
My wife and I use Jewelers Mutual
Renter's insurance (as well as homeowner's) typically will pay for jewelry to a certain value, unless you declare (with certified appraisals) that you have more expensive valuables you wish to insure. Premiums are increased accordingly, depending on the value you are insuring. Limitations on basic coverage range from about $500 coverage to $1500.
In other words, if your three carat European cut diamond ring is stolen, and you do not declare it to your insurer, expect to get reimbursed for no more than the limitation offered by your basic policy.
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