A colleague was recently telling me that he had a client who had purchased a very expensive engagement ring for his soon to be fiancée. The value of the ring was somewhere in the neighborhood of $30,000. He took her on a very fancy cruise and proposed while on the ship. Of course, the woman said yes to the proposal and started wearing the ring immediately. One evening while leaning over the balcony, the ring slipped off of her finger into the water. One of the first calls the couple made was to their insurance agent to see what type of coverage they had for the ring. Imagine their dismay when the agent told them that a homeowners policy typically only covers a lost ring for up to $1500. Yikes!
While the homeowners policy may provide limited coverage for valuable jewelry, customers also have the option to purchase a separate policy to insure the ring for its full value with no deductible. The cost to do so is relatively inexpensive. Some carriers, for example, charge $.90 per $100 of coverage on the jewelry.
Most couples have wedding rings valued at more than $1500. If you lost a stone from your ring, or lost a ring while gardening, would you want to replace it? If for some reason jewelry was stolen from your hotel room while on vacation, would you want it replaced?
It may be worth your while to assess the value of the jewelry in your possession and the cost to insure it on a separate policy. Claims turned in on a jewelry policy typically do not affect the rate on your homeowners policy. And, there is generally not a deductible on your jewelry if something were to happen to it.