Does renters insurance cover jewelry?

Renters insurance provides personal property coverage that covers your personal property – including jewelry – in case of theft, loss or destruction caused by a covered peril, such as a fire or a storm.

According to the National Association of Insurance Commissioners (NAIC), the average cost of renters insurance is an estimated $15 per month for $30,000 to $50,000 of property coverage with a deductible ranging from $500 to $1,000.

Property Protection Provided by Renters Insurance

At a very affordable price, a standard HO-4 renters policy covers your jewelry and other personal property against a long list of perils. For example, the standard HO-4 renters policy insures your jewelry in case of loss or damage due to smoke, vandalism or volcanic eruption.

However, a standard renters insurance policy does not cover your jewelry against losses from floods or earthquakes. If you live in an area that could be affected by these perils, you would need a separate policy or rider to cover your personal property against floods or earthquakes.

Tips for Jewelry Owners About Renters Insurance

When you buy renters insurance for your jewelry and personal property, you still need to take reasonable steps to protect that property. If your insurance provider determines that the loss or damage of your jewelry was caused due to your negligence or an intentional act, then your policy will not cover that loss or damage.

Standard renters insurance has a dollar limit on coverage for personal property. If you own jewelry, furs, antiques, electronics and other types of expensive personal property, then you may have a gap between the covered value and the actual value of your property. In this case, consider buying a floater insurance to get the additional coverage for your jewelry that you need.