How Jewelry Is Covered

When David Cohen lost his wife’s rings, he was relieved that his homeowner’s policy covered jewelry—but it was only up to a maximum of $3,000. “My wife gave me her rings to hold,” he says. “So I promptly put them in my jacket pocket … and then forgot about the rings when I took the jacket to the cleaners. As you can imagine, they were gone.”

Within three weeks, the Cohens received a check from their insurance company, but they were still out a good deal of money because his wife’s engagement ring was worth $6,000 alone. The lesson? When signing up for homeowner’s insurance, note the limits on jewelry. “Most people don’t realize that things like wedding rings aren’t usually covered by the basic limits in their policies,” Derrick says. “You can get an appraisal at your jeweler, and then consider buying a supplemental policy to cover it.”

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