One of the most frequent questions we get around here, is “What is the best way to insure your Jewelry?”

One insurance man offers his opinion in this article called, “What if Your Diamond Falls Down the Drain?”

I’ll blurb, snip, cut and paste around the article’s words so you get the gist of the question and answer:

Do you know which of these scenarios would most likely be covered by your standard homeowners or renters insurance policy?

1. While gardening in your backyard, the diamond disappears from your ring.
2. You left your ring in a public restroom after taking it off to wash your hands. Twenty minutes later, when you remember where you left it, it’s gone.
3. Someone breaks into your home and steals your brand-new engagement ring.

If you guessed number three, you’re right.

SNIP

you’d only get a limited amount for it, probably $1,000 depending on your insurance.

SNIP

So what should you do? Schedule it. “Scheduled” (also called “floater” or “inland marine”) coverage provides additional insurance for specific items SNIP says Jonathan Farris, assistant vice president at General Casualty Insurance Companies. “When it’s scheduled, you can rest assured that it will be covered no matter how it’s lost.”

Schedule the expensive stuff
Farris explains that on a standard homeowner’s or renter’s policy, jewelry is covered for “named perils” like fire, theft.

Here are some relevant links on Jewelry insurance:

• From Insurance Information Institute:
• Do I need separate coverage for jewelry?
• Protecting your jewelry-Audio File
• Cover Diamond Rings and other Expensive Jewelry with Appropriate Insurance
• Are my jewelry and other valuables covered?
• Insurance and Divorce
• AIG: AIG PRIVATE CLIENT GROUP ENHANCES ITS PRIVATE COLLECTIONS POLICY
• Allstate: Scheduled Personal Property Coverage
• Amica: Net Worth Calculator, use jewelry’s current market value
• Amica: Platinum Choice, Increased Theft Coverage for Jewelry
• Amica: Scheduled Personal Property Endorsement
• Chubb: The limit for jewelry under Chubb’s homeowners policy is $5,000.
• Chubb: What is Blanket Coverage as it pertains to Jewelry?
• Chubb: Understanding Jewelry Appraisals for Insurance purposes
• Chubb: Consider a false bottom for storing your Jewelry & other tips
• Farmers: Extra coverage for your Jewelry
• Farmers: Is my jewelry covered by my homeowners policy?
• Farmers: Only 45.6 percent have riders attached to their policies to cover jewelry
• Farmers: Personal articles floater
• Farmers: Inland marine insurance (used to insure jewelry)
• Farmers: Add to your coverage when making a large Jewelry purchase
• Jewelers Mutual: Choose the jewelry insurance specialists
• Jewelers Mutual: Apply for Personal Jewelry Insurance
• Jewelers Mutual: Insurance Evaluation/Appraisal Instructions
• Jewelers Mutual: Protecting your Jewelry
• Liberty Mutual: HOW CAN I INSURE SPECIAL ITEMS LIKE JEWELRY?
• Liberty Mutual: Is there a limit on coverage for my Jewelry?
• Liberty Mutual: How to have your Jewelry covered in case of a Hurricane
• Metlife: I have a very valuable piece of jewelry. Is this covered by my basic policy?
• Metlife: If I have a loss, do I need to show proof of what was in my home?
• State Farm: Always include the name and address of the appraiser.
• State Farm: Personal articles
• Travelers: Valuable Items Insurance 101