Does Renters Insurance Cover Jewelry?

January 23rd, 2023

What happens if your engagement ring gets stolen or damaged when you’re renting a home or apartment? Does renter’s insurance offer coverage for high-value jewelry items?

Understanding the type of protection these insurance policies provide and exploring your options can be vital to keeping your cherished possessions safe. 

Learn how jewelry coverage works in renter’s insurance policies, the limitations, and how to ensure adequate protection.

Does Renters Insurance Cover Jewelry?

Jewelry is covered by personal property coverage of your renter’s insurance policy. The level of coverage depends on the limits set by your policy which is typically between $1,000 and $1,500 and may not cover the entire cost of your high-value pieces or your collection. 

A renter’s insurance cover for jewelry also often has restrictions on coverage that can make it challenging to protect your valuable jewelry. Your jewelry may only be covered in cases with specifically listed perils, such as fire, theft, or vandalism. 

Some policies also have sub-limits on certain types of jewelry, such as engagement rings or precious stones – meaning the value has a cap on it. In cases where the value of the jewelry exceeds these limits, it may be necessary to purchase additional coverage, such as a rider or endorsement, to ensure full coverage. 

In addition to limited coverage, you will not be covered if, for example, you drop your engagement ring down a drain because this type of loss is not a covered peril.  

Always check your policy’s fine print to understand what is covered and what is excluded.

Collection of bijouterie in a jewelry box

What is a Renter’s Insurance Floater?

A renter’s insurance floater policy is a type of endorsement or rider that can be added to a renter’s insurance policy to provide additional coverage for specific high-value items, such as jewelry. This type of coverage is necessary when the value of the jewelry exceeds the limits of the standard coverage provided by the renter’s insurance policy.

A renter’s insurance floater policy lists specific jewelry items, such as engagement rings, watches, or pearl necklaces, and provides coverage for those items up to a specified value.

The policyholder must provide proof of value for the jewelry, often done by providing a certificate of authenticity or an appraisal from a qualified jeweler. The policyholder must pay an additional premium for a floater policy.

Also, keep in mind that coverage limits and conditions of the floater policy will depend on the insurance company and the policy they offer. Always review the terms and conditions of floater policies before purchasing one to ensure they meet the needs and values of your jewelry.

Floater policies can typically range from a few hundred dollars to several thousand dollars per year, depending on the value of the jewelry, the type of coverage, and the limits chosen.

Open steel safe with gold bars and jewelry

Why Jewelry Insurance is a Better Option?

Jewelry insurance is a better option than standard renter’s insurance policies for protecting your high-value and heirloom pieces. A standalone jewelry insurance policy provides you with the exact coverage you need. 

Dedicated jewelry insurance offers an extra layer of protection by providing coverage for loss, theft, and damage because of events like accidents, fire, or mysterious disappearance. 

Jewelry insurance from BriteCo™ is an ideal choice for those who want maximum protection and coverage of their valuable jewelry. Jewelry insurance costs as little as 0.5% to 1.5% of the value of your jewelry annually, and our comprehensive policy offers worldwide protection with zero deductibles and a 125% replacement value. 

It takes just two minutes to secure your items with three easy steps, including answering a few simple questions, getting a quote, and choosing how you want to pay. BriteCo provides prompt claims replacements at no extra charge and allows co-insured persons to be added. 

Our annual value updates help ensure your insurance coverage remains current and relevant in today’s ever-changing market. With policies underwritten by an AM Best A+ rated insurance carrier, BriteCo offers a maximum coverage limit of up to $150,000 per item, with a maximum total of $500,000 for the entire schedule of items.

How to Protect Your Jewelry

While renter’s insurance protects your jewelry up to a specific limit, it is best to minimize your risk of having damaged or stolen jewelry. In addition to purchasing dedicated jewelry insurance, it is vital to protect your jewelry at home with regular care and maintenance.

Always remove your jewelry before cleaning, showering, exercising, or swimming. Chemicals like chlorine bleach or peroxide and abrasives like baking soda and scouring sponges can damage the finish of your jewelry. 

Store your jewelry in a clean, dry place like a compartmentalized box or roll. This prevents corrosion and tarnish. You can also place the jewelry box inside a safe in a hidden location to protect your collection from theft.

Keep Your Jewelry Protected With BriteCo™

BriteCo™ jewelry insurance offers affordable protection for fine jewelry and engagement rings. With an easy online application and claims process, we make getting the coverage you need simple. Use our convenient online tool to get a quote for your fine jewelry today!

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About the Author

Dustin Lemick is the Founder and CEO of BriteCo and a third-generation jeweler with over thirteen years of retail jewelry experience. He holds a Graduate Gemologist degree from the Gemological Institute of America (GIA) and has in-depth knowledge and expertise in appraisal systems, diamond and gemstone markets, retail pricing models, insurance replacement models, and jewelry quotation pricing systems.
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BriteCo Inc. is a licensed insurance agency in all fifty states and the District of Columbia.
Please see the Licenses section of this website for more information. All insurance policies underwritten and issued by Glencar Insurance Company and administered by BriteCo.