Updated: Apr 22, 2021
You have homeowners or renters insurance, so you would naturally think that means all the belongings in your home are covered, but that may not be true.
Typically, a homeowners policy covers $1500-$2500 of jewelry and that is all, which becomes a problem when the national average for an engagement ring alone is just under $5700.
The easiest way to remedy this problem is to work with your insurer to add a rider to your policy to cover your jewelry. You will need an up-to-date appraisal for all the pieces you would like to cover detailing each piece with a Retail Replacement Value. Consider not just an engagement ring or diamond earrings, but anything that if totaled would equal more than the minimum in your policy, including heirlooms. Work with your insurer to determine your deductible, but often it's $1000, so I would cover anything that is more than your deductible and that you would want to replace.
Expect to pay about 1-2% of the value of the piece(s) per year, so that national average engagement ring would be $57-$114 to cover-- more than worth it. With the high price of metals right now, even chains that might not have been thought of as insurable pieces should be covered, at least in my opinion.
Insuring your jewelry through your homeowners or renters policy with a rider is the easiest option, but it is also possible to obtain specialty jewelry insurance. Whichever choice you make, your jewelry is covered, but filing a claim in the event of loss, theft, or catastrophic damage could impact your other policies should you have everything bundled together. As an appraiser, I do not have an opinion on where you obtain insurance, just what your jewelry is worth, and how it should be covered, but that is something to take into account when weighing options.
Ideally, you will never have to use this insurance, but if the worst happens, it certainly offers peace of mind to have your jewelry covered.