Couples often spend thousands on a wedding or engagement ring. Coverage for jewelry through renter’s and homeowner's insurance remains limited, with most policies paying out a maximum of $1,500 to $2,500 – a fraction of what many would lose in the event of damage or theft befall their rings.
You need special insurance; couples spend thousands of dollars on engagement and wedding rings, but the limited coverage of renter’s or homeowners insurance often offers just a fraction of an item's worth.
Options for insuring expensive wedding jewelry include adding a rider itemizing the pieces to a current homeowner's policy and buying a separate insurance policy.
Those who elect to acquire added coverage should know the finer points of the new policy, including what is and isn’t covered, the form reimbursement will take, and how the value of a ring will be determined.
Get ab appraisal: An appraisal of your ring is often required when purchasing supplemental insurance coverage. The store that sold it might provide one, but if a lot of time has gone by since the purchase, you'll need to get an independent appraisal.