Do I Need Extra Insurance for My Jewelry?


There’s no big mystery to whether you should buy separate insurance for your jewelry. The fact is that your home insurance will likely cover any jewellery lost in a fire or stolen, but only up to a limit of $1,000, or in some cases $2,000. If all your jewelry put together is worth much more than that, you’ll need to insure it separately. The annual cost for $15,000 worth of jewelry would likely be around $225-$300 a year.

The last thing you want after a break-in is to find out that you don’t have insurance to cover your lost valuables. Although most home insurance policies include coverage for your personal possessions, they also include special sub-limits for high-value items like cash, fine art, sports equipment, musical instruments, collectibles, and jewelry.

The fact is that your home insurance is meant to cover items that just about anyone would have in their home. Furniture, appliances, clothes, dishes etc. If you have expensive jewelry like an engagement ring, you might get pennies on the dollar. If you want to protect these items for their full value, you should talk to your broker about “scheduling” these items on your policy. It will require recent appraisals for any piece you want covered, but it could be well worth the effort should you suffer a loss.

What are the Limits in Your Home Insurance Policy?

Your home insurance policy does usually cover valuables but only up to a limit. Although the limit varies between insurance companies, most policies have a special limit of $1,000 or $2,000 for jewelry, which is the maximum amount they will pay in the event of a loss. This limit typically applies to all of your jewelry in total and your claim would still be subject to your deductible.

Other Limitations of Standard Home Insurance Coverage

Other than low sub-limits for jewelry, the other problem with a standard home insurance policy as pertains to jewelry is that it likely won’t cover you for some fairly common occurrences. You do have limited coverage for theft, fire etc., but there is no coverage for the following:

  • Losing your jewelry
  • Dropping a ring down the drain
  • Losing a gemstone from a piece of jewelry

To protect against these common mishaps, you’d need to schedule your jewelry on your home insurance policy, or buy standalone insurance that will likely cost you more money.

Determining the Value of Your Jewelry

If you’re not sure if your jewelry is worth $300 or $30,000, there’s no quick ‘n easy way to estimate its value. Some websites will give you a free estimate based on pictures of the items, but the only way to get an accurate valuation for any piece that you think you might want to insure, is to get it properly appraised by a professional. An appraisal will cost you $50 to $150 an hour, so don’t waste their time (or your money) with costume jewelry.

Ultimately, you’ll need a professional appraisal anyway before insuring (or scheduling) a piece of jewelry under your home insurance policy.

Remember that sentimental value means nothing when it comes to insurance. If you have a ring that’s been passed down through your family for 8 generations, it may have value to you, but if an appraiser says it’s worth $30, that’s all you can insure it for. The fact is that no amount of money will make up for a family heirloom that’s lost.

How Much to Schedule My Jewelry?

To insure your jewelry, most home insurers will charge between 1.5 and 2% of the appraised value of that jewelry. So if you have an engagement ring worth $7,000, you can expect to pay an extra $105-$140 a year to schedule it.

Ask an Insurance Expert

If you have any questions about protecting your jewelry or any other valuables, feel free to talk with the insurance experts at Mitchell & Whale Insurance Brokers. Simply give us a call at 1-800-731-2228 or email us at We’d be happy to help you.

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