Does Renters Insurance Cover Jewelry?

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Updated: May 22, 2024

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Standard renters insurance policy will cover loss or damage to your jewelry due to covered perils like fire or theft. Jewelry is covered under the personal property coverage of your policy. However, the level of coverage will depend on the limit set by your policy.

Most insurance providers offer an optional add-on offer to increased coverage limits for high-value items like jewelry, called scheduled personal property coverage. This coverage will increase the limit on your personal property coverage to cover the value of your jewelry and other high-value property.

Renters insurance covers jewelry as part of its standard coverage for your personal property. However, your jewelry is only covered up to the limit specified in your policy. Your jewelry will be covered for losses caused by all the perils included in your coverage including risks such as fire, theft and vandalism.

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When Does Renters Insurance Cover Jewelry?

The personal property coverage in your renters insurance policy covers your personal belongings including jewelry in case of loss from a covered peril like theft or fire. However, since the value of your jewelry may exceed the limit in your standard coverage, you may need to purchase scheduled personal property coverage as an add-on to your policy to get sufficient coverage for your jewelry.

Renters insurance will automatically cover jewelry damaged by a peril covered in your policy, such as fire, theft or vandalism. For example:

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If your rental home burns down, destroying your jewelry, you will be compensated up to the limit set on your policy.

You will be compensated if your jewelry is stolen from your home, subject to your policy limits.

You should note that your standard renters insurance policy covers jewelry, but specific limits apply. This means that the insurer will not pay any more than the specified limit on your policy, regardless of the value of the jewelry. However, if you have scheduled personal property coverage, your limits will be extended, and you may be compensated for the value of the lost or damaged jewelry.

When Doesn’t Renters Insurance Cover Jewelry?

Coverage for jewelry under renters insurance is limited to covered perils and specified limits. This means you will only be compensated if your jewelry is lost due to a covered peril such as fire, vandalism or theft. For example, you will not be compensated if you accidentally drop your engagement ring down the drain because that is not a covered peril. Always check your policy’s fine print to understand which perils are covered and which ones are excluded from your renters policy.

Most insurers limit jewelry coverage to $1,500 under your standard insurance coverage. This means that if you do not have extended coverage for your jewelry, you will only be compensated up to this limit regardless of the actual value of the jewelry.

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How to Protect Your Jewelry

While renters insurance covers your jewelry up to a certain limit, it is best to minimize your risk of having stolen or damaged jewelry. You should ensure you have extended coverage for your jewelry and take additional precautions to prevent perils from affecting your belongings.

    Invest in a safe or lockbox

    Store your jewelry in a secure location where they cannot be easily accessed. Even if you have renters insurance, your policy may not compensate you for the full value of valuable jewelry since there are limits to jewelry coverage.

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    Remove jewelry when doing menial tasks or activities like swimming

    To avoid accidental loss or damage to your jewelry, take it off before doing tasks like washing dishes and other menial tasks. Your renters insurance will not reimburse you for perils that are not covered, like dropping your jewelry down a drain or accidentally damaging it.

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    Purchase scheduled personal property coverage

    Scheduled personal property coverage extends coverage limits for high-value items like jewelry. This ensures that in case of loss, you will be compensated for the value of the jewelry and not just up to the limit set on your standard coverage.

Where to Buy Renters Insurance

Renters insurance is sold by most major insurance companies and some of the smaller companies like Lemonade and Toggle. You can find the best providers for your needs by comparing renters insurance quotes and coverage benefits.

The average cost of renters insurance is $13 per month, but this can vary depending on the value of your personal property. You can use MoneyGeek’s personal property calculator to compare costs for different coverage levels.


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About Mark Fitzpatrick

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Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.