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What If Wednesday: Insurance for Jewelry

Join us on Wednesdays for an answer to a “What If” insurance question.  Everyday questions for everyday life – answered right here on the McClain Insurance Blog at If you have a “What If” question that you’d like answered, simply submit a comment below, or send an e-mail to

What If…  I Own Expensive Jewelry? 

A standard homeowner’s (or renter’s) insurance policy will provide some coverage for valuables such as jewelry, arts and collectibles.  However, coverage for certain high-value items is limited, often to as little as $1,500, and is subject to your deductible.

If the value of an individual item (such as an engagement ring) exceeds the stated limit, there is no coverage for the difference unless you purchase a “scheduled personal propery” endorsement.

This endorsement can be added to your homeowner’s or renter’s policy and provides coverage for losses such as fire, theft, “mysterious disappearance” and loss of the stone from its setting.  No deductible applies to losses on scheduled items.

A scheduled personal property endorsement is most commonly used to increase coverage on jewelry, but may also be available for silverware, furs, coin collections, firearms, camera equipment and fine arts.

From Romantic Gift To Valuable Investment

The market values of gold and precious stones have been on a steady rise over the past few years:  The price for Gold has increased by 27 percent in 2010 and 66 percent since January 2008; Platinum has run up 18 precent and silver 70 percent just in 2010!  Some rare precious stones even have doubled in value over the course of the past five years.

That’s why it is not only important to protect your jewelry, but also to get it appraised every few years to maintain adequate insurance protection for the item.  (Also, if you inherited jewelry that seems like costume jewelry at first glance, do yourself a favor and get it appraised.  Many a piece that was about to be sent to the Thrift Store turned out to be precious jewelry, worth hundreds or thousands of dollars.)

Getting Engaged?

If you are getting ready to propose, ‘insurance’ is probably the last thing on your mind.  (Understandably so.)  But, as ‘unromantic’ as it seems, please consider talking to your insurance agent to make sure that your engagement ring has adequate protection as soon as you bring the ring home from the jewelry store.

For more information, give us a call at 425-379-9200.

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