Your jewelry has a lot of monetary and sentimental value to you and your family. Rings might symbolize marriages, births and deaths. Necklaces might date back generations. It might not be easy to replace these items should something happen.

You might wonder how you can afford to replace these precious items. You might not have the funds on hand to go out and buy a new, $10,000 wedding ring replacement. The good news is, your homeowners insurance might come in handy. However, you have to ensure you carry enough coverage.

Home Coverage and Jewelry Protection

Most home insurance comes with possessions protection. Policies will likely help you replace your belongings following unavoidable damage or losses. Jewelry likely has protection under this section of the policy. However, there’s often a catch to this coverage.

Most possessions coverage comes with per-item limits. This means that you might only be able to claim a certain amount of money for a lost piece of jewelry. Let’s say your homeowner’s coverage comes with $2,000 in jewelry coverage. At the same time, you might have a diamond ring valued at $12,000. Should something happen to this ring, the homeowners policy might only provide you with $2,000. That might leave you to cover the remaining $10,000 to get a new ring. Could you afford that?

If you answered no, one of your solutions might be to ask for a jewelry rider on your policy. The rider will essentially extend coverage to the full value of a particular item. This might come in handy should you face the loss of excessively valuable jewelry. Keep in mind, however, that to insure this item, you will likely have to provide documented proof of its value, such as an appraisal.

Protecting Jewelry beyond Riders

Insurance does not give you a reason to treat your jewelry recklessly. Even once you secure a policy rider, you still have to protect these items.

• Scrutinize times when you will wear these expensive items. You might want to avoid wearing these pieces in certain areas. For example, take your jewelry off before you take a shower. You don’t want it going down the drain.
• Usually, a safe, jewelry box or safety deposit case provide the best protection for jewels. You can take added protection by keeping the item under lock and key when not using it.
• Never loan the jewelry, or even let it out of your sight, unless you have a guarantee you will get it back.

As an added note, most policies will not cover damage to neglected jewelry, or normal wear and tear. Therefore, treat your jewelry with the care and respect it deserves.

Also Read: Insuring and Protecting High Value Personal Property