Should you insure your engagement ring? Does your Homeowners insurance or Renters policy already cover jewelry? How does one even go about insuring an engagement ring? These are the questions that might pass through your mind once you’ve finished celebrating the excitement of your engagement. With the average engagement ring costing between $5,000 and $8,000 dollars, it’s important to consider whether additional coverage is needed. While the answer is different for everyone, we’ve created this resource for people considering insuring their engagement ring.
Most Homeowners and Renters insurance policies cover jewelry up to a certain dollar amount. This amount is typically between $1,500 and $2,500, though it does vary by policy. That said, because of the high worth of many engagement rings, and because your coverage might not include circumstances like loss or damage, it’s important to understand your specific coverage before deciding if you need additional jewelry coverage.
Depending on the cost of your engagement ring, jewelry insurance might be the only way to recover the full value of your engagement ring if it is lost, stolen, or damaged. Adding a specific extension to your coverage in the form of a rider or scheduled personal property means you won’t be beholden to the typical $1,500-$2,500 maximum jewelry coverage offered by most standard Renters and Homeowners insurance policies.
To insure your engagement ring, you’ll likely want to add a specific endorsement to your coverage. You should be able to do this through your same Homeowners or Renters insurance carrier. You’ll likely need to have the ring receipt, a written appraisal, photos, gem certificates, and anything else that can help prove ownership and the value of the ring. Be sure to discuss different options with your insurance agent, and make sure you understand what contingencies are covered, how the insurance company replaces rings, and how they determine the value of the ring. Keep up-to-date on any required appraisals, and once you have engagement ring coverage, make sure you keep all documentation in a safe space like a fireproof box or safe.
Thinking about insuring your engagement ring? Grange Insurance Association has you covered. Contact an independent agent to learn more about your coverage options. In the meantime, check out our Insurance Blog, where we cover everything from FAQs about Homeowners insurance to how to safeguard your home against summer burglaries.
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