Does Renters Insurance Cover An Engagement Ring?
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3 responses to “Does Renters Insurance Cover An Engagement Ring?”
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A ring is personal property. Renter’s insurance covers personal property. The limits of the policy are stated on the declarations. Inside the policy there is a paragraph that describes the reduction in limits for personal property that is not on the premises at the time of loss. There is likely to be another paragraph that limits the company’s liability for the loss of jewelry. The adjustment, however, will include a reduction for the deductible. Check the deductible on your policy. If the deductible is greater than the value of your ring you will probably be unable to recover very much of the cost of the ring.
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A Renters Insurance policy, much like a Homeowners, is designed for broad coverage over more standard personal property. The best way to protect valuables, like an engagement ring, is to “schedule” it specifically either as a rider on the Renters Policy, or on it’s own. By doing this, you will be covering the piece much more completely. You will need to provide your insurance professional with an appraisal which includes both a detailed description of the ring, setting and stone(s) along with the stated complete value.
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Renter’s insurance vary a lot so the only way to know for sure is to file a claim. With that said the ring is probably covered with a small sublimit of $1,500 or so and you would have to pay your deductible. If you need coverage for more than that you need to call/email your insurance company and say “I’d like to specifically schedule my engagement ring for $X with a deductible of $Y. Special causes of loss, replacement cost please. I have a picture, receipt and appraisal ready for you”. That will assure that your engagement ring is covered to it’s full value, minus the deductible you choose and for the widest coverage possible.
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