Why Do I Need a Jewelry Rider on my Home Insurance?

jewelry riders

There is nothing like the beauty of a diamond engagement ring to get a girl’s heart racing. Not only does the jewelry symbolize the love, those little baubles cost big bucks. That is why purchasing a separate jewelry rider (aka “scheduled personal property endorsement“) in addition to your home insurance policy is a must.

Diamond producers encourage shoppers to spend the equivalent of two months salary on the symbolic sparklers, making the average cost close to $5,500 (2009). Although many home insurance policies do include some type of compensation for jewelry loss, that amount is capped. Once an engagement ring, or any other precious trinket becomes yours, chances are the total value will exceed the standard insurance limit and securing a separate jewelry rider is the only way to protect that treasured item.

How to Get a Jewelry Rider

Getting a jewelry rider is simple and the first step includes securing an appraisal from a qualified jeweler. Prior to stopping by, make a call to your selected jeweler and confirm that they can produce an insurance appraisal. Plus, it is smart to get a price quote for the work so you are not taken by surprise.

If this is your very first experience with the jeweler, then it is recommended that you first photograph the jewelry for documentations and then watch the experts conduct their work.

Both these steps are essential step in protecting your assets and theft prevention. Leaving your uninsured diamond, gold or other precious jewelry with anyone is incredibly risky. One couple in New Mexico recently felt the pain after a Kay Jewelers in New Mexico “misplaced” their family heirlooms and is now entering a legal battle with the retailer.

While looking at the jewelry, the professional will make specific notes for the insurance company. Cut, carat, clarity, gold type and weight are all specific information that will be documented. The jeweler will then produce a document acceptable for insurance purposes.

At that point, you need to contact your insurance provider and tell them your need for a jewelry rider. They will ask that you either fax or e-mail them a copy of that written appraisal and may request photographs as well. Regardless of the jewelry value the insurance underwriters will develop a rider just for you and that cost is determined by the value of the jewelry.