Protecting Jewelry With Renters Insurance

If you're a renter and own a lot of jewelry, the best renters insurance policy is one that adequately protects all of your valuables. But you'll need to carefully consider how much coverage you need.

How much renters insurance coverage do I need?

When buying renters insurance, the company will ask how much personal property coverage you need. Jewelry falls under this amount. But most renters insurance policies will only cover up to a specified amount for certain categories, such as jewelry and furs.

Your coverage needs depend on what you own and the value of each item. If the total value of your jewelry falls under $2,000, then you probably won't need more coverage. But if the value exceeds your policy limits, then it's a good idea to expand your coverage to protect your jewelry against theft, damage or loss.

Expanding coverage for jewelry

If you need more coverage for your jewelry, you can purchase an endorsement or schedule specific items.

Renters insurance endorsements — also called riders or options — raise the claim limit for a specific category.

Any single valuable worth more than that limit will need to be scheduled. Scheduling a single item, such as a $10,000 ring, is like taking out a small insurance policy for that specific item.

Renters might need to purchase an endorsement to expand their jewelry and furs limit in addition to scheduling items. Adding an endorsement or scheduling an item will increase the cost of a renters insurance policy, but the good news is that renters insurance is relatively cheap.

The most important thing to consider is whether all of your jewelry and furs are covered — no matter what combination of endorsements and scheduling you use. All renters insurance companies offer endorsements and will schedule items, though it's easier to do with some companies than others.

Increasing a jewelry limit when purchasing a policy

While renters usually can't schedule a specific item online, they might be able to log in and upgrade their jewelry and fur limit.

Renters with Liberty Mutual can also add jewelry protection, and items don't have to be individually appraised when the coverage is added. All a policyholder needs in the event of a claim is proof of ownership and valuation documents, such as a receipt or financing for an item. Renters shopping for a Liberty Mutual policy can add up to $10,000 of the company's "Blanket Jewelry Coverage."