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Now that the holidays are over, make sure you insure your new bling from Santa correctly. Keep reading below to see how jewelry coverage with Progressive works.
How to fully insure your jewelry and engagement rings
“Coverage for jewelry is often limited on insurance policies. A lot of times, coverage depends on how much your jewelry is worth and the type of loss (theft, fire, etc.). Long story short: If you want to be sure your jewelry is fully covered, you need to add it to your policy.
This is technically called scheduling an item or adding a rider, but it’s really just like listing a special one-off item on your policy. If you have a Progressive policy, just tell us about your jewelry, and we’ll insure the appraised value against a variety of types of losses. If you schedule jewelry, you won’t have a deductible.
Current Progressive customers
Call 866-749-7436 and tell a representative about your jewelry piece(s). We may need an appraisal and color photo for pieces over a certain dollar amount.
Non Progressive customers
Just get an insurance quote and add your jewelry piece(s). Again, we may need an appraisal and color photo.
Why isn’t jewelry automatically insured?
A lot of customers want to know why jewelry isn’t just covered. Insurance companies won’t assume that you have expensive items. You’d then be paying for insurance you don’t need. If insurers built in extra coverage to all policies for a $5,000-$10,000 engagement ring, everyone’s price would be higher. That’s the last thing everyone wants. So, insurers offer the option to add expensive items to give you and everyone a better, more accurate price.
Jewelry insurance cost
Jewelry insurance is affordable at Progressive. It only costs 1% to 2% of the total value of your jewelry. So, a $5,000 engagement ring will cost about $50-$100/year to insure. If you’re looking for an exact price, just get a quote or contact your insurance company.
