Protect Your Jewelry Without Risking Your Home Insurance: Understanding Jewelry Coverage Options

Your homeowners insurance policy, even with additional jewelry endorsements, may provide some coverage for valuable items like jewelry. However, filing a claim for lost, stolen, or damaged jewelry could lead to long-term consequences, like increased insurance premiums or even non-renewal if you experience multiple claims.

At The Mitchell Insurance Group, we offer a better option: separate jewelry insurance policies. These stand-alone policies protect your jewelry without affecting your homeowners insurance. Here’s why separate coverage is beneficial and what you need to know about jewelry-specific policies.

Risks of Filing Jewelry Claims on Your Homeowners Policy

Filing a jewelry claim under your homeowners policy doesn’t just impact your jewelry—it affects your entire policy. Here’s why that’s risky:

1. Increased Premiums: A single jewelry claim can raise your homeowners insurance premium for years.
2. Non-Renewal Risk: Multiple claims, even for different losses, can result in non-renewal from your carrier, leaving you to find new coverage at potentially higher rates.
3. Limited Coverage: Many homeowners policies limit jewelry coverage, offering only a small portion of the item’s value.

The Solution: Jewelry Insurance with Jewelers Mutual

A separate jewelry insurance policy offers peace of mind without impacting your homeowners insurance. The Mitchell Insurance Group has access to Jewelers Mutual, which provides comprehensive coverage for items like rings, watches, earrings, and more.

Here are the key advantages:

• No Impact on Homeowners Insurance: Jewelry claims are handled separately, leaving your homeowners policy untouched.
• Comprehensive Coverage: From loss, theft, and damage to disappearance, Jewelers Mutual covers most scenarios. Policies even include worldwide travel coverage and normal wear and tear, such as stone tightening and clasp replacement.
• Appraisal Not Always Required: Depending on the policy and value, an appraisal might not be needed, making it easier to get coverage.

You can read more about Jewelers Mutual’s coverage here.

Blanket vs. Scheduled Jewelry Policies

When insuring your jewelry, you can choose between two main policy types:

1. Blanket Policy: Covers a collection of items without listing each piece individually. This option is ideal for multiple items of similar value, providing broader protection with a combined coverage limit.
2. Scheduled Policy: Lists each item with its individual value, ensuring specific, high-value or rare pieces are fully insured.

What Types of Losses are Covered?

Jewelers Mutual covers a wide range of jewelry, from rings to watches. Their coverage includes:

• Loss: Left your ring on a beach towel or lost your watch? Covered.
• Theft: Stolen jewelry is fully covered.
• Damage: Cracked diamond or damaged watch? Repairs are covered.
• Disappearance: Whether lost, stolen, or simply missing, it’s protected.
• Wear and Tear: Coverage includes stone tightening, clasp replacements, and more.
• Worldwide Coverage: Your jewelry is covered no matter where you are.

Homeowners policies typically only cover specific losses, such as theft or fire, and don\’t include damage or wear and tear, making separate jewelry policy a better option for full protection.

Wide Range of Deductible Options and Affordable Coverage

Stand-alone jewelry policies offer flexible deductible options, allowing you to tailor coverage to fit your budget—whether you prefer a higher deductible with lower premiums or more comprehensive coverage with a lower deductible. The cost is often comparable to adding jewelry to your homeowners policy, but with separate coverage, you avoid the risk of increased premiums or non-renewal due to claims on your home insurance.

Protect Your Jewelry with Confidence: Get Started Today

With flexible deductibles, affordable coverage, and comprehensive protection, a separate jewelry policy is a smart choice to safeguard your valuables without affecting your homeowners insurance. Whether you\’re insuring rings, watches, or heirloom pieces, Jewelers Mutual offers tailored solutions.

As your trusted broker, we have direct access to Jewelers Mutual and can help you start a jewelry policy quickly and easily. Don’t wait until it’s too late—contact us today for a personalized quote and ensure your precious items are fully protected. We’re here to help you find the best coverage to meet your needs.