Insure your Jewelry and Engagement Rings
Coverage for jewelry is often limited on insurance policies. A lot of times, coverage depends on how much your jewelry is worth and the type of loss (theft, fire, etc.). Long story short: If you want to be sure your jewelry is fully covered, you need to add it to your policy.
This is technically called scheduling an item or adding a rider, but it's really just like listing a special one-off item on your policy. If you have a policy with us, just tell us about your jewelry, and we'll insure the appraised value against a variety of types of losses. If you schedule jewelry, you won't have a deductible.
Current Elk Agency Customers
Call 763-241-0656 and tell a representative about your jewelry piece(s). We may need an appraisal and color photo for pieces over a certain dollar amount.
Non Elk Agency Customers
Just get an insurance quote and add your jewelry piece(s). Again, we may need an appraisal and color photo.
Why isn't Jewelry Automatically Insured?
A lot of customers want to know why jewelry isn't just covered. Insurance companies won't assume that you have expensive items. You'd then be paying for insurance you don't need. If insurers built in extra coverage to all policies for a $5,000-$10,000 engagement ring, everyone's price would be higher. That's the last thing everyone wants. So, insurers offer the option to add expensive items to give you and everyone a better, more accurate price.
Jewelry Insurance Cost
Jewelry insurance is affordable at Elk Agency. It only costs 1% to 2% of the total value of your jewelry. So, a $5,000 engagement ring will cost about $50-$100/year to insure. If you're looking for an exact price, just get a quote or contact your insurance company.
Coverages for your Jewelry
No matter where it's stolen (off your body, out of your home, car, gym bag, etc.).
This potentially covers both total and partial damage. For example: A prong on your engagement ring breaks off and you lose the diamond, a broken link on a gold necklace, a chipped silver ring.
Loss and disappearance
This is normally covered even if it's your own silly fault, and you flat-out forget where you left it.
Types of jewelry you can insure
You can insure almost any type of jewelry, including engagement rings, other wedding rings, diamond rings, necklaces, bracelets, etc. Most insurance companies do have a maximum limit they'll insure. That limit can vary and may depend on your policy's total coverage amount. If you have jewelry worth more than the max insured amount, you'll need a completely separate policy.
What's not Covered?
Wear and tear
Sorry, but insurers won't replace jewelry that simply tarnishes or gets scratched over time. For example: A gold wedding ring that's 30 years old and is heavily scratched. Instead, something unexpected has to happen.
Is the ring insured when I give it to my fiancé or fiancée?
There are a couple different scenarios.
You're living together
If you added your fiancé's (or fiancée's) name on your insurance policy (or if you share a policy), it's generally covered once you give the ring to them.
You're not living together
Your fiancé or fiancée is responsible for insuring it. Your policy will no longer cover it at that time, and they need to add it to their policy.
If you're not on the same policy, your fiancé or fiancée is responsible for insuring the ring.
How your insurance works and how you can get paid.
If something happens to your jewelry that you scheduled, just file a claim for the cost of your repair if it's damaged or for the full appraised amount if it's lost or stolen. For example: If a prong on your engagement ring breaks off and you still have the diamond, we or your insurer will pay for the cost of repair. If it's stolen or lost, you'll get a check for the full appraised amount.
For more information on jewelry insurance and affordable: health, auto, home, supplemental insurance quotes, don’t hesitate to contact us today at 763-241-0656 or visit us online at www.elkagency.com The Elk Agency is an insurance broker vs. a "direct writer," which means we have more options.
*Re-posted by: https://www.progressive.com/answers/jewelry-insurance/