Does renters insurance cover lost jewelry?

Question

my policy only covers $1000. The ring was worth $3500. It was in the shower but it isn't there and it isn't in the trap. I know I wouldn't get more than the limit, however, I don't know if they'll cover a loss when I don't know if someone took it, it went down the drain or what not.

Answer 1

Renters insurance is there to guard against loss due to theft or damage (such as from fire, storm, etc.) not if you lost or misplaced an item.

Unfortunately, your limit is too low to cover your loss if it was eligible. If it turns out the ring was stolen it could be covered -  it depends on your particular insurance company and their restrictions/riders attached to the policy. Not all companies require you to schedule  jewelry (some do though and if it wasn't included it will not be covered) just as long as it eligible, but they will require proof of value and ownership.

Unless you have serious reason to believe the ring was stolen and are willing to file a police report to that effect, then you will not not be eligible to file for a claim for theft. I know a couple who placed a claim for the loss of their wedding rings thinking they had been stolen because their bedroom window was open when they arrived home one night and were unable to find them. However, it later turned out the rings had fallen behind the bed. Unfortunately for them, even though they withdrew the claim, now they are unable to switch companies due to the claim on file even though it was closed without payment. You should definitely search more for your ring and trace your steps back before you look to your insurance company in this instance.

Sorry about your ring - hopefully you'll find it.

PS: You should re-evalute the limits on you policy to ensure that you have enough coverage for all of your property.

Answer 2

the ONLY way this would be covered is if you had the jewelry scheduled onto the policy.  your limit of $1000 is NOT for  mysterious disappearance (which is what this is).

Answer 3

Sometimes.  If you specifically scheduled the jewelry on a "jewelry floater" or HO41 form, then yes, "oops it went down the drain" is covered.  You'd be paying an extra premium for that.

If you didn't schedule it, "oops it fell down the drain" is NOT COVERED.  That $1,000 limit you're referring to, is probably a THEFT limit.  Coverage by theft.  Not, coverage for falling down the drain.

So, check your policy, and call your agent.