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Is My Engagement Ring Covered

Your home insurance, or rental policy, will only normally include coverage for somewhere between $500 and $1,000 of jewelry.  Therefore, for expensive jewelry items it is necessary to add a “rider” to your existing policy that covers specific items that are worth more than what the standard policy will cover (if you don’t have home insurance, it is possible to purchase a standalone policy from an insurance company).

Annual insurance on jewelry will normally cost between 1% and 3% of the replacement value of the insured item(s).  In other words, the cost to insure an $8,000 ring would usually be somewhere between $80 and $240.  Where your cost falls in this general range will depend on factors such as the specific insurance company, the city you live in, other policies you have with the same insurance company, etc.

It is important to read the fine print and specifically compare different policies.  Check to see if your ring is covered if it is lost, in addition to be stolen.  Also, find out exactly what you need to do to file a claim, and exactly what documentation will be required to “prove” that you no longer have your ring.  Finally, are there any types of circumstances that are not covered?

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