Should I Get a Jewelry Addendum on My Homeowners or Renter’s Insurance?
If you’ve got a shiny new engagement ring, taking good care of it is probably high on your priority list. In fact, that’s true of any fine jewelry, from necklaces and earrings to bracelets and bands. This might have you wondering, in a world full of upsells, is a jewelry addendum on your homeowner’s or renter’s insurance worth the cost you’ll pay for it?
First, let’s talk about some of the way’s you’re already covered…
If you bought your fine jewelry at Wedding Day Diamonds, then your jewelry is fully covered for repairs, loss of stones, chipped or cracked stones, or anything else that could befall your item of jewelry—except total loss. If the entire item goes missing, you need insurance.
Now, you likely already have renters or homeowner’s insurance, and the good news is, that means, you’re probably already partially covered. The bad news? While every policy is different, almost no policy offers enough coverage to compensate you for a total loss, even if the piece was lost in a fire, a flood, a tornado, a burglary, or any other situation that was out of your control.
Even though you might have huge sums of coverage, the personal property portion of that coverage is usually restricted to just 50 percent of your total policy, and jewelry, which is both high-value and easily stolen, typically comes with its very own restrictive coverage limits.
Even a half-million-dollar homeowner’s insurance policy might only ensure up to $2000 worth of jewelry, and that won’t go too far if you’re trying to replace diamond items or multiple stolen pieces.
However, buying a separate jewelry rider through your homeowner’s or renter’s policy isn’t your only option. There are multiple companies that specialize in jewelry insurance and on average, their coverage costs only 1-2% of the appraised value of your jewelry per year.
That means $10,000 worth of coverage might cost you only $100 per year. That’s about half the price of a Netflix subscription, and it will offer tremendous piece of mind.
Our verdict: Yes.
Good jewelry insurance is worth every cent. Unpredictable things happen. Jewelry insurance will protect you from heartache if your jewelry is lost or stolen, and that peace of mind is priceless.