Axl Rose had $200,000 worth of jewelry stolen in Paris after one of his concerts in 2012. Fortunately, in Axl’s case, his bling was returned by one of his fans, who mysteriously found it in her purse the next day. Most people who have jewelry stolen are not as fortunate as Axl Rose and most people are not aware that a standard homeowner policy has limited coverage for certain items such as jewelry, furs, guns, and silverware. Jewelry is affected most often by these limitations, because most homeowners own jewelry and it is easy to steal and hard to recover.

Without purchasing additional coverage and scheduling individual pieces of jewelry on a homeowner policy, the most common coverage limit for a single piece of jewelry is only $1000. Additional coverage can be purchased through a jewelry floater to increase the limits for each item scheduled and broaden the coverage to include mysterious disappearance and theft. Usually insurance companies require an appraisal to determine the value of the item and the specifications of the scheduled jewelry.

I guess we’ll never know if Axl Rose carried insurance on his gold and diamond necklaces, since he never had to file a claim. Don’t think you will be as lucky as Axl Rose! Make sure you are properly protected!