Renters Insurance

Protecting Jewelry With Renters Insurance

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, such as jewelry and furs.

For example, if you purchase a renters insurance policy with $25,000 of personal property coverage, your jewelry and furs might be covered 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.

Renters might need to purchase an endorsement to expand their jewelry and furs 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 and furs are 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

While renters usually can't schedule a specific item online, they might be able to log in and upgrade their jewelry and fur limit.

For example, when gathering a State Farm renters insurance policy quote online, shoppers can increase the standard jewelry and furs coverage from $1,000 to either $2,500 or $5,000. Doing so also increases the company's policy limits per jewelry or fur item to $1,500 and $2,500, respectively.

Renters with Liberty Mutual can also add jewelry protection, and 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. Renters shopping for a Liberty Mutual policy can add up to $10,000 of the company's "Blanket Jewelry Coverage."

Chris Moon

Chris is a Product Manager for ValuePenguin with years of experience in addressing critical questions about mortgages and homeowners insurance. He spends his time evaluating insurance providers and policy features to understand where consumers might find the most cost-effective coverage. Chris has contributed insights to the New York Times and many other publications.

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.