Jewelry and High Value Items


Insurance for Jewelry & High Value Items

Did you know that 70% of all Personal Property Claims involve jewelry or other high-value items?

High-value items are insured as part of the “personal property coverage” on a standard homeowner’s insurance policy.  The thing is that these items are subject to certain coverage limits.  On a typical homeowner’s, condo or renter’s policy, jewelry is usually covered up to $1,500 per item, or $3,000 for the combined value of your jewelry.

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 purchased a “scheduled personal property” endorsement for the item.

This limited coverage clause applies not only for jewelry, but also for antiques, art, high-value rugs, coin collections, firearms, and some other items.  Jewelry is by far the most common, but if you own any of these high-value items, you may have severe coverage gaps!

Our protection specialists can help you find adequate coverage for your valuables.

Now is the time to call McClain Insurance. Because we represent a wide variety of insurance companies, you’ll have many options choose from. You can also get the process started online right here on our website.

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Something sparkly for a loved one? Now’s the time to get insurance

Are you planning to get engaged? Or bless the Love of your life with a special anniversary gift?  Is he receiving a Rolex for Father’s Day or his well-earned retirement? No matter what the occasion, the gift of precious jewelry always sends a message of love, appreciation and value.

Don’t let this precious gift be spoiled in the event the piece gets lost or stolen.  A typical homeowner’s policy provides coverage if the item is stolen or damaged in a covered peril, such as a fire.  But coverage is often excluded if the item is ‘simply’ lost.

In addition, a standard home policy only covers jewelry up to $1,500 per individual item and $3,000 total.  Any piece that is appraised at a higher value may not be adequately protected. (Keep in mind that the same is true for other valuables, such as art, collectibles or antiques.)

That’s why we advise that you protect all your expensive jewelry or watches with a Jewelry Endorsement!

This endorsement provides coverage that’s individually matched to the appraised value of the item, which is especially important if the value of the item exceeds $1,500.

The average annual cost runs usually at around $12 per $1,000 of covered value.

A jewelry endorsement also provides protection for claims like the loss of a stone from its setting or “mysterious disappearance,” which are usually excluded on a standard homeowner’s policy.

If none of your jewelry items exceed the $1,500 threshold but you still wish to benefit from these coverages, ask us about the “Special Form Endorsement.”

And last but not least:  There is no deductible on the Jewelry or Special Form Endorsements!

No matter what your plan is, we recommend that you acquire coverage for the piece as soon as soon as you bring it home from the store.

One important note for those getting ready to get engaged

Are you getting engaged? Congrats!

If you and your girlfriend don’t live together, the insurance question can become a little more complicated. As long as the ring is still in your possession, the ring can be insured on your homeowner’s or renter’s policy.

But as soon as you propose – and give the ring to your fiancée – it becomes hers, and must be insured on her homeowner’s or renter’s policy. When in doubt, just give our office a call at 425.379.9200.

If you inherit jewelry, read this:

You didn’t know Aunt Bertha well. You only saw her on rare occasions like holidays and the family reunion five years ago. But you remember her as a jolly lady who loved her afternoon tea, hats with big flowers, and big jewelry to go with them. You liked Aunt Bertha.

For your birthday, when you turned 10, she sent you this lovely bracelet with colorful charms that you adored. You returned the favor, sending her a long thank-you note, including a hand-drawn watercolor picture of her favorite flowers, peonies.

She must have been very touched by this, because now, 20 years later, she passed away and left you her entire jewelry box. All of it. You’re not sure what to do with it… most of it seems like big costume jewelry. Nothing too valuable. And not your style, really, either.

3 years later it’s still in your garage, and you’re thinking, it may be time to take it all to the thrift store. No offense, Aunt Bertha…

If you inherited jewelry, do yourself a favor and be sure to get it appraised. Nine times out of ten, people assume that the jewelry they inherited is costume jewelry and of little value. And nine times out of ten, they are wrong.

Our office has collaborated with a local appraiser, and she recommends an appraisal whenever you’re in doubt. “I once appraised a bracelet that turned out to be very rare Scottish jewelry from the mid-1800’s, valued at $ 4,500 – a piece that was just about to be given to the Thrift Store! Don’t let that happen!”

Not only that: The cost of gold and platinum has been on the rise over the past years, so if you have jewelry that has been appraised five or more years ago, it may have appreciated in value and might need to be appraised again.

Any individual piece of jewelry that is valued at more than $1,500 should be insured on a special jewelry endorsement that is added to your homeowner’s or renter’s policy.

In insurance terms, we also call this “scheduling” your jewelry.

Even though we are insurance agents, there is a non-insurance alternative for high valued jewelry that you may be keeping to pass on to future generations, but don’t plan to use now.

Investing in a safe deposit box for items that are seldom used may be less expensive than scheduling. Just make sure to let us know if fashions change and you’ve brought some of those nostalgic pieces home to use regularly.

If you have any questions, please don’t hesitate to give us a call. We’re here to help!

Protect against mysterious disappearance and loss of stones

Your wedding band is precious. And valuable. You love it, and so it’s not tucked away safely at the bank, or even in your jewelry box. It goes with you wherever you go. It may get taken off every so often, when you go swimming, are making meat loaf, or are cleaning the windows… but usually you’re wearing it all of the time.

That means it’s exposed to whatever you are doing, and it’s at risk from all the dangers that come with the world out there: It could get lost or simply slip off your numb finger as you take off your glove on that freezing winter day. Not to mention, the stone could fall out of its setting.

70% of all personal property claims involve jewelry. The good news: Jewelry is usually covered up to $1,500 per item on a standard homeowner’s or renter’s policy.

The not-so-good news: A typical homeowner’s policy does not cover losses due to mysterious disappearance or loss of a stone from its setting.

The even-better solution: Scheduling jewelry items over $1500 in value and adding a “special form” endorsement to your home insurance policy for lower valued items will cover these common losses.

And, if an item is scheduled, no deductible will apply to your loss! Please give us a call for more information.

* Please Note:  Insurance policies vary from company to company and from State to State.  Not every Washington State insurance policy will include every coverage described above.  Be sure to read your policy and check with your insurance agent for personalized information.

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McClain Insurance Services
10410 19th Ave SE
Everett, WA 98208
(425) 379-9200
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