Does Renters Insurance Cover Engagement Rings?

1. 

   22 POINTS

   view profile
   Dan Beukelman

   CSR, American Family Insurance,

   Jewelry should be covered by your Renter's Insurance, but would be subject to internal limits in the policy (often somewhere around $1,000 or $1,500 per item).  The best thing to do is to take an appraisal to your insurace agent and ask them to add specific coverage for that item.  When they list it on the policy (also called inland marine in the insurance world) you will pay some more premium but will get expanded coverage on the listed item beyond the normal policy limits.  This is not expensive to do and often adds coverage for things like mysterious disappearance.

   Answered on March 18, 2014

   flag this answer
2. 

   7647 POINTS

   view profile
   Mark Bartlett CLCS

   Branch Owner, TWFG Insurance Services, Fremont California and the Greater Bay Area Representing Dozens of Insurance Carriers

   A renters insurance policy will cover the theft of jewelry however in most cases the limit is $1000.00. If this is not enough coverage then I suggest you schedule the ring for an additional premium so the ring is fully covered for it's value. Also when you schedule an item the coverage's are broadened to include mysterious disappearance.

   Answered on March 30, 2014

   flag this answer
3. 

   37376 POINTS

   view profile
   David G. Pipes, CLU®, RICP®

   Business Development Officer, T.D. McNeil Insurance Services, Fresno, California

   Property losses, such as an engagement ring, are covered by a renter’s policy subject to internal limits and a deductible. Your $3,000 engagement ring if stolen would be adjusted by the deductible and the policy limit. As a result you would receive approximately $1,000 for your loss. High valued items should be scheduled to avoid deductibles and make sure the loss is fully covered.

   Answered on December 16, 2014

   flag this answer
4. 

   21750 POINTS

   view profile
   Jim Winkler

   CEO/Owner, Winkler Financial Group, Houston, Texas

   That's a great question! A large part of the answer will depend upon your policy. Most of them will certainly pay for a portion of it, but that portion can be only a little, or a sizable amount, depending upon the policy. As you add expensive items, like the ring, take a moment and have the policy changed to ensure that these items are adequately covered. I hope that you find it! Thanks for asking!

   Answered on December 16, 2014

   flag this answer
Did you find these answers helpful?
Yes
No
Go!

Add Your Answer To This Question

You must be logged in to add your answer.