Does Homeowners Insurance Cover Engagement Rings and Other Jewelry?

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Diamonds may signify forever, but that doesn’t mean your diamond engagement ring is impervious to loss or damage. So, it’s natural to wonder if you can insure your engagement ring. Rings aren’t cheap, after all, and it’s common to insure valuable jewelry against things like theft or loss in flooding. If the worst occurs, necessitating the replacement of the symbol of your love, insurance can take care of the monetary costs, and your memory must do the rest.

How to Insure an Engagement Ring

Fortunately, there are three methods to insure your engagement ring or other fine jewelry. The method you ultimately choose depends on the value of your engagement ring and how much you’re willing to spend to protect against its loss. There is no hard and fast right answer, only the answer that is best for you and your partner.

Coverage under your regular homeowner’s insurance

There is some protection against the loss of personal items within a standard homeowner’s insurance policy. If you opt for this method to insure your engagement ring, there’s nothing more to do than keep up with your homeowner’s insurance premium. As finances are often tight when starting a life with a partner, this may be the right option for you, especially if the engagement ring has more symbolic value than cash value.

Use an additional rider to your homeowner’s policy

While homeowners insurance provides coverage for personal belongings, including jewelry, in the event of a fire or other disaster, there are limits to the amount.
If your engagement ring is on the pricier side, you might prefer to add this extra coverage to your homeowner’s insurance. A rider doesn’t drastically change your premium, and it does increase the amount paid out for a claim involving the loss of items, like an engagement ring, included in the verbiage.

Opt for specific jewelry insurance for your engagement ring

Specifically insuring your engagement ring is the priciest option for coverage, but it may be the right choice if you have a particularly nice rock or significant sentimental value, as would be the case with a passed-down family heirloom.
With this method, your engagement ring can have far higher limits that are inclusive of sentimental value (provided you are willing to pay a bit more in the premium). Jewelry insurance also can protect things against lost stones and other repairs that would not be covered under homeowner’s insurance.
Regardless of the method you choose to insure your engagement ring, it’s a good idea to take photos of it and upload them into the cloud or another means of saving them. You might also save a photo of any assessment of your engagement ring’s value, or store the assessment in your safety deposit box. This documents the monetary value of your precious jewel, aiding in the processing of an insurance claim.
If you opt for personal jewelry insurance for your engagement ring, give careful consideration to the amount of your deductible. As with auto or home insurance, a higher deductible means a lower premium. A high deductible, however, also means more out-of-pocket costs if you need to file a claim. Take into account your finances, and make the right choice for your budget.

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