Insuring a Valentine’s Engagement Ring and Other Jewelry

Solitaire Diamond Ring In BoxA Valentine’s Day engagement ring can be the perfect end to a perfect day and the start of something even greater. But for those of you who have purchased an engagement ring, you know this investment in the future also represents a significant monetary investment now. Protecting and insuring this ring means not only keeping this expression of commitment, but being able to replace it in the event of its loss or theft. And while homeowner’s and renter’s insurance covers most property, it often won’t be enough to cover that engagement ring or other expensive jewelry. Let’s look at the process and options for insuring a Valentine’s engagement ring or other valuation jewelry. 

The Limits of Homeowner’s Insurance or Renter’s Insurance

Both homeowner’s insurance and renter’s insurance offer some protection for your personal property. However, while your policy might cover up to $50,000 in personal property, they often make exceptions for specific items such as jewelry. These exceptions might include:

  • Exempt: Completely exempting jewelry over a certain appraised cost (such as engagement rings).
  • Limits: The policy might put a limit on coverage for jewelry, such as only a $2000 theft coverage on a piece of jewelry, even with that $50,000 policy.
  • Group Coverage: Similar to the above limits per piece of jewelry, you might have a single collective limit for an entire category of valuables.
  • Only Damage or Theft: These policies may not provide coverage to items that are lost, such as left behind in a hotel or accidentally dropped down a drain.

Talk to your insurance agent: if your homeowner’s or renter’s insurance has these limitations, it’s worth looking at getting a rider for your existing insurance to get complete coverage.

Insurance Rider: Engagement Ring and Jewelry

You can add coverage onto an existing insurance policy, in this case extending specific coverage to the engagement ring and other jewelry that might be exempt or limited by your policy. Known as add-on coverage, insurance rider, or scheduled personal property, this allows you to insure specific items or groups of items up to their full appraised cost. These items, known as scheduled times, may have additional coverage above and beyond normal coverage, including property that is lost (instead of normal coverage that only protects against damage or theft). A couple things to remember about this policy:

A Question of Ownership

Whoever owns the engagement ring and jewelry needs to have the coverage. For example, when the ring is bought by one partner for the other, the insurance needs with them. When the ring is given, it’s time to change the policy over to the other partner.

Don’t Forget the Wedding Bands

Unless they are bought as a set with the engagement ring, the wedding bands will need to be later added onto the policy or have their own coverage.

This add-on coverage is usually inexpensive and provides peace of mind when it comes these valuable parts of your life. If you’re interested in getting a quote, it’s time to contact the insurance specialists at H&K Insurance. We can help you better understand the coverage your current homeowner’s or renter’s policy provides, and what kind of add-on coverage would work best to protect your engagement ring and other valuable jewelry.