Is someone getting jewelry for Christmas?

When you buy an engagement ring or expensive jewelry, know what your policy says.
Most homeowners and renter's insurance include jewelry as personal property, but that coverage may not be enough to cover your purchase.
Many policies set a limit and might not protect against all losses. Given the sentimental value of some heirlooms, think about coverage for all situations.

• Your standard policy might only cover a fraction of what your jewelry is worth.
• Most policies will protect against theft, but you may need additional coverage to protect your jewelry against damage or loss.

A jewelry floater is an optional addition to a homeowner's insurance policy that protects against financial loss from the damage or theft of valuable jewelry.

• Though a basic homeowners policy provides some jewelry coverage, if an individual has a sizable and valuable jewelry collection, they should add a jewelry floater on top of their basic policy. The jewelry floater will provide a higher dollar amount of coverage for jewelry than a basic homeowner’s insurance policy does.
• Some jewelry floaters also offer coverage against more perils than homeowners' insurance does. For example, they might cover accidental loss, while a basic homeowner's policy would not. Since not everyone owns expensive jewelry that they want to insure, a basic homeowners policy provides limited coverage for jewelry.
• The minimal jewelry coverage provides homeowners with some jewelry insurance, but homeowners do not pay for unnecessary jewelry coverage. For example, a basic policy might provide $1,000 or $1,500 in jewelry coverage. So, if a homeowner purchases a $5,000 engagement or wedding ring, they might buy a jewelry floater to ensure that they have protected the ring’s full value.
• Depending on how much the premium for the jewelry floater is, the individual might decide to self-insure, meaning that they’ll plan to pay for a new ring out of pocket if the existing one is stolen during a burglary, falls off in the ocean during the couple’s honeymoon or is otherwise damaged.
• It’s also possible to purchase floaters for other high-value possessions, such as baseball card collections, antique silverware sets, fine art paintings, computers, and fur coats. 
• Renters insurance also insures personal possessions such as jewelry; you don’t necessarily need to be a homeowner to insure these items. You can also purchase a jewelry floater for a renters insurance policy.

Check with one of our insurance agents to better understand the scope of your policy. If it's not enough to cover the items you want to protect, consider purchasing a separate policy or adding an endorsement.