Lakeside Insurance Brokers Blog

All You Ever Wanted to Know About Insurance

Jewelry: What is covered on my home insurance?

In Minnesota, did you know you probably only have about $2,000 of jewerlry coverage on your home insurance policy?  That is the industry standard - no matter what company you are insured with.  The main thing that covers you for is theft of jewelry, plus the loss would be subject to your deductible (probably $1,000).  Not good coverage.

A rule of thumb we use is if you have an item valued $1,000 or more - or your total collection is valued over $2,000 is to schedule each jewelry item.  Scheduling means that each item would be specifically listed on your policy and have a value assigned to each item. 

Benefits of scheduling your jewerly:

  • You get better coverage.  Mysterious disappearance (you lost it) is now covered.
  • There is ZERO deductible if you have a claim.
  • Feel at ease that family jewelry or special jewelry will be replaced with like kind and quality.

How do you schedule jewelry with Lakeside?

  • Find the jewelry appraisal.  If you don't have one or it's over 5 years old you may need to get a new appraisal done depending on the insurance company requirements.
  • Fax or email the appraisal to our office and we will add it to your policy.
  • Depending on your situation and insurance company, we may add the jewelry to your home policy or obtain a separate insurance policy for your jewelry.

How much does it cost?

  • It will cost you about $1 per $100 of value.  This would be an annualized premium.  i.e. a $10,000 engagement ring would cost $100 per year to insure.