Do You Need Extra Renters Insurance Coverage for Jewelry?
Renters insurance typically includes some coverage for jewelry. However, it may not protect high-value jewelry or large collections.
In addition, a basic renters insurance policy doesn't usually cover lost or damaged jewelry. Plus, your insurance company may not cover theft by certain people, like a roommate, house guest or someone who works in your home.
You may need to add extra coverage so your jewelry is fully protected. You can also buy separate jewelry insurance.
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Does renters insurance cover jewelry?
Renters insurance generally covers jewelry. However, most policies typically only pay for jewelry stolen during a burglary. Further, many companies limit payouts for jewelry to just $1,500 or $2,500 for all your items.
This may not be enough coverage if you have a lot of jewelry, or even only one expensive piece.
For example, say someone steals your jewelry collection, including your $5,000 engagement ring. If your policy only covers $1,500 of jewelry, you'll only get $1,500 total.
When is jewelry not covered by renters insurance?
Basic renters insurance doesn’t cover:
Lost or misplaced jewelry, like if your necklace falls down the drain
Damage caused by improper maintenance. For example, if you don't fix a damaged prong on your ring and the stone falls out, the insurance company won't cover it.
Situations where renters insurance doesn't typically cover anything, like flooding or earthquakes.
How much jewelry coverage is included with my renters insurance policy?
The amount of jewelry coverage included with your renters insurance varies by company. Some companies also offer different limits in different states. Call your insurance company or check your policy documents to confirm the amount of jewelry coverage you have.
Insurance company | Jewelry limit for entire collection |
|---|---|
| Allstate | $1,000 |
| American Family | $2,000 |
| Farmers | $500 |
| Lemonade | $1,500 |
| Liberty Mutual | $1,000 |
*State Farm includes coverage for theft and loss in its basic policy. All other companies listed only protect against theft.
How to protect your jewelry with renters insurance
You can upgrade your basic renters insurance jewelry coverage by adding what's called scheduled personal property or blanket jewelry coverage to your policy.
Blanket jewelry coverage vs. scheduled personal property
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Blanket jewelry coverage raises your overall jewelry coverage limit. You won't need to send the insurance company appraisals for specific pieces.
Blanket coverage is a good choice if you have a large collection of moderately priced jewelry.
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Scheduled personal property adds coverage for specific valuable items to your policy. You’ll typically need to provide an appraisal or receipt to add coverage for an expensive piece of jewelry. This ensures you'll get enough money from the insurance company to replace important items.
Scheduled personal property is the best way to protect engagement or wedding rings, heirlooms and other expensive pieces.
Many companies also pay for lost or damaged jewelry when you add either coverage. This is important, as basic renters insurance usually only pays to replace your jewelry if it's stolen.
You'll often have to file a police report and send a copy to the insurance company. This can make it difficult to file a claim if you suspect someone stole your jewelry, but there's no evidence of a break-in.
For example, say you're on vacation and return to your room to find your jewelry missing from the nightstand. With a basic policy, getting the insurance company to pay for a replacement may be difficult. That's because there isn't much proof that someone stole it.
If your scheduled personal property or blanket coverage includes lost jewelry, getting the insurance company to pay for the missing pieces will be much easier.
Which companies offer extra insurance on jewelry?
Most companies offer ways to increase the jewelry coverage included in your renters insurance.
You can also consider a separate jewelry insurance policy if your company doesn't offer limits high enough to cover your collection. Some companies even specialize in only providing jewelry insurance. You can also get a separate jewelry policy through Allstate, Progressive, State Farm and USAA.
Company | Blanket coverage | Scheduled personal property | Separate jewelry policy |
|---|---|---|---|
| Allstate | |||
| American Family | |||
| Liberty Mutual | |||
| Nationwide |
How to add extra jewelry coverage to your policy
Frequently asked questions
Does renters insurance cover stolen jewelry?
Yes, renters insurance typically pays to replace stolen jewelry. However, most policies come with a maximum of $1,000 to $2,000 of coverage for jewelry. You may need extra coverage to protect valuable items, like an engagement ring.
Does renters insurance cover lost jewelry?
Renters insurance doesn't usually cover lost jewelry unless you pay for extra coverage, like blanket jewelry coverage or scheduled personal property coverage.
How do you add an engagement ring to your renters insurance policy?
First, make sure you have an appraisal or receipt you can send to your insurance company. This will provide the specific details on your ring and its value.
Then, call your insurance company and ask to add your ring as scheduled personal property, which will protect it for its full value. You'll also be protected against many scenarios, including theft, loss and damage.
Methodology and sources
ValuePenguin editors collected the jewelry coverage limits included in a basic renters insurance policy and any coverage add-ons using individual company websites. When unavailable, ValuePenguin editors used information from the Nevada Division of Insurance. Coverage limits and availability may vary depending on where you live and your chosen company.
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.