How should jewelry and other valuable items be insured?

The homeowner’s policy generally provides limited coverage for certain classes of personal property. These classes include:

• Cash
• Coins
• Furs
• Firearms
• Silverware
• Business property
• Jewelry

If you want to add additional coverage to your policy to cover your valuables, there are a couple of steps you should take to make sure you’re completely covered.

Know what you have – using a home inventory app can help you log your valuable items, in addition to your less expensive home items.

• Get an appraisal of your valuables – the only way to know the true value of your items is to get a professional appraisal.
• Consider the risks – A valuable ring that you wear daily will have greater risks than valuable coins kept in a safe.
• Discuss replacement cost vs. agreed value – In general replacement value allows you to replace with a new piece at equal value and agreed value pays you the insured limit regardless of what it would cost to replace.

Limits may apply for other classes. In some cases the limits apply only for theft and in other cases limits apply for all causes of loss. Endorsements or policies are available to provide blanket or scheduled coverage for valuable items that are not properly covered under the regular homeowner’s coverage form.

Updated 5/8/18