Insuring Your Engagement Ring

Do I really need to insure my engagement ring?

Homeowners insurance can cover some jewelry up to a certain monetary value and protect from several perils. The most common perils are fire, windstorm, and theft. A typical home insurance policy only covers your jewelry up to a $500, 1,500, or maybe $5,000 depending on your policy terms and for only limited perils.
However, you home policy will not cover your ring simply from losing it at the beach. That’s because losing your ring would be considered as “mysterious disappearance,” the technical insurance term for when an item vanishes without explanation
Sometimes referred to as a rider scheduled personal property coverage is an “all risk” style of coverage available for special items such as jewelry, musical instruments, antiques, golf clubs, fine art, and other valuable special property.

How much does it cost to insure my engagement ring?

The average cost to insure your ring is $1 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 $100 and $200 per year to insure it. The rates for other items such as art work or musical instruments are usually much less. 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) to begin a policy.
Contact your local Britton and Britton Insurance agent to review your 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.