Is Jewelry Protected by Renters Insurance?

f you're the proud owner of treasured jewelry and you've been considering taking out an insurance policy to protect it, you're in luck. You can kill two birds with one decidedly affordable stone by taking out a renters insurance policy. A renters policy covers your personal property against loss or theft. But, before you sign a renters insurance agreement, it's important to make sure you've taken out enough coverage to adequately insure your jewelry for its value. Here are some tips on how to do that:

Jewelry in a box.

Pay attention to the insurance policy's personal property limits. Most renters insurance policies offer a set limit that states they'll only pay up to a certain dollar figure for each piece of insured jewelry. The limit is generally set between $1,000 and $1,500 for a single item, but sometimes an insurance provider may set a "group" limit that's far lower than the collective value of your jewelry—for example, $2,500 for everything. This amount may or may not be enough to cover what you actually paid for your jewelry or what it's worth on the current market.

For this reason, it's important to take stock of exactly how much your jewelry is worth so that you're adequately insured. To be on the safe side, and to be certain you're not underinsuring your jewelry, consider having at least the most expensive pieces professionally appraised so that you can have a good idea of their value. There are ways to get additional coverage if what's offered by your standard renters insurance policy doesn't cut it.

Increase your coverage by purchasing a "floater." Floater policies are also known as Scheduled Personal Property coverage. They basically let you increase the amount of insurance coverage for an individual piece of jewelry—or any other valuable possessions, for that matter. Doing so may raise the amount of money you pay out in renters insurance premiums, but there are some pretty neat benefits that come from floaters that aren't typically included in an average renters policy. For example, floaters can give you a broader range of protection. While the average renters policy will only cover your jewelry if it's destroyed or lost as a result of theft, fire or other specified peril, buying a floater can cover you for other kinds of loss. For example, if you inadvertently leave a pair of expensive earrings behind in a hotel room or accidentally drop your ring down a drain, you may be covered under some policies.

Keep in mind that there are certain requirements that have to be met before you can purchase a floater policy. When buying a floater for an expensive piece of jewelry, you'll be asked to have it professionally appraised before you can insure it. Normally, when covering your belongings with a standard renters policy, this isn't a requirement. But, because you'll be setting your jewelry's value at a higher dollar figure, the insurer will want to make absolutely certain that it's appraised properly. Also bear in mind that you'll have to pay out of pocket to have your jewelry appraised by a third party.

Don't wait until it's too late to insure your expensive personal property. Use the Allstate Insurance Agent Locator to find and talk to an insurance agent today about the possibility of protecting yourself against theft, fire and other potential disasters.

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Coverage subject to terms, conditions, and availability. Policy issuance is subject to qualifications. Allstate Insurance Company, Allstate Indemnity Company, Allstate Fire and Casualty Insurance Company, Allstate Property and Casualty Insurance Company, Northbrook, IL. © 2013 Allstate Insurance Company, Northbrook, IL.

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