A typical Texas home insurance policy may cover your jewelry up to a $500, 1,500, or possibly $5,000 depending on your policy terms and for only limited perils. A peril is an event, like a fire or break-in, that may damage your home or personal belongings. The perils covered by your homeowner’s insurance are listed in your policy documents. The most common perils are fire, wind, hail, vandalism, and theft after a home invasion.
Do I Need To Insure My Engagement Ring?
Yes. Homeowners or renters’ insurance can only cover limited jewelry up to a specified monetary value and protect from basic perils. However, the standard home or condo owners’ policy would not cover high valued jewelry without first adding a special endorsement for your engagement ring.
An insurance endorsement is an amendment to the existing insurance policy contract that amends the terms. Endorsements are sometimes referred to as a rider, personal articles floater, or scheduled personal property.
Scheduled personal property floater is supplemental insurance that extends coverage beyond the standard protection provided in a home insurance policy. This endorsement option provides coverage based on an “all risk” form for special items and for the appraised value or purchase price.
Does Insurance Cover A Lost Ring?
Your basic home policy will not cover your ring simply from losing it at the beach or a diamond setting falling out while gardening. That’s because losing your ring would be considered “mysterious disappearance,” the technical insurance term for when an item vanishes without explanation. To be sure your valuables have the coverage you want, have them professionally appraised and ask us about a scheduled personal property floater or rider that includes lost ring coverage and mysterious disappearance.
Who is suppose to insure an engagement ring? Whoever has the engagement ring in their possession should insure the ring. You can even apply for jewelry insurance before you leave the jeweler. Simply call our local office and speak with your agent 512-469-0693 or 210-493-4057. If it is after office hours, the weekend, or a holiday call or our 24/7 after-hours service team and request to add it to your existing renters, condo or homeowners policy.
How Much Does It Cost To Insure My Engagement Ring?
The average cost to insure your ring is .75 cents to $2 for every $100 that it would cost to replace. That means if your ring would cost $10,000 to replace, you could expect to pay between $75 and $200 per year to insure it. Of course, this is only an estimate the best to way to obtain an accurate quote is to contact us. Before you obtain engagement ring insurance or decide to cover other specialty property, you’ll need to have the ring appraised (or show proof of receipt from purchase) to begin a policy.
Scheduled Property coverage is not limited to just engagement rings, but also can include, jewelry, watch, furs, musical instruments, antiques, golf clubs, fine art, and other valuable special property. To be sure your valuables have the coverage you want, have them professionally appraised and ask us about your insurance options.
Contact your local Britton and Britton Insurance agent to review your Texas home, renters, or condo insurance needs so you can determine whether your policy offers enough protection for your jewelry or whether you may benefit from additional coverage.
Request a no obligation free quote by completing the home insurance link on our website. Please be sure to enter the ‘value of your jewelry’ in the remarks section.