Is My Engagement Ring Covered By Home Insurance?

1. 

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   Ryan Andrew

   President, The Andrew Agency, Richmond, VA

   It depends on what happens to your engagement ring. Homeowners insurance provides a limited amount of coverage for jewelry and the coverage is for "named perils" only. Examples of "named perils" are Fire, Theft, Lightning, Water damage ect. A better way to protect jewelry items is to schedule the items on a jewelry policy or also known as an Inland Marine policy. With a jewelry policy your items are covered for a special value and the coverage is "all risk" meaning anything that happens to the item is covered. Even if you lose the item or the prong come loose and the diamond falls out.

   Answered on June 26, 2014

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2. 

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   Tom Sheehan

   Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482

   Your policy may provide some limited coverage for your ring under it's standard terms and conditions.  However, keep in mind that the loss would be subject to your property deductible AND the coverage may be limited to specific causes of loss.  Talk to your insurance professional about either a jewelry rider or stand-alone policy for your valuables.  The coverage is usually much broader in that it includes loss due to, well, loss.  A Homeowners policy does not provide coverage for items that are just lost.  However this "mysterious disappearance"  is usually covered under a rider or separate valuable items policy.  In addition, there is usually no deductible applied.

   Answered on July 2, 2014

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3. 

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   Paul Roth

   Senior Commercial and Annuity Specialist, Freedom Brokers, Marion, Carbondale, Harrisburg IL

   Like many things in life the short answer is "it depends". Many homeowner policies have standard limits for jewelry in the house. If you own something of value over those standard limits, you will need to schedule your valuables. To cover your assets, take a picture of your ring, and get and keep an appraisal of your valued jewelry and collections. If your engagement ring get stolen, you'll likely need a police report and have that appraisal handy expedite reimbursement for your loss.

   Answered on June 11, 2016

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