While your engagement ring is undoubtedly priceless to you, it has a monetary value that’s attractive to would-be thieves. Personal jewelry insurance can protect against financial loss if your ring is stolen or damaged. If you’re in Metairie, LA, and unsure about your homeowners or renters coverage, the team at Clockwork Insurance Services can advise you on your policy terms.
Limitations of Standard Policies
Homeowners and renters insurance policies typically offer personal property coverage, which protects belongings against a range of risks. The coverage typically extends to jewelry, including engagement rings. There are two important limitations of personal property coverage:
- Low coverage limit: Standard personal property coverage includes a jewelry-specific limit that is much lower than an engagement ring’s value. These limits typically range from $1,000 to $2,500 per item. Unless you have a very basic ring, your homeowners or renters policy won’t provide sufficient protection.
- Loss of the ring: Personal property coverage protects against risks like theft and fire. However, most policies don’t include losing your ring. Personal jewelry insurance allows you to insure your ring for its full value and often includes protection against loss of the whole ring or gemstones.
Specialized Coverage Options
If you need additional coverage for your engagement ring, there are two primary options that work well. The agents here at Clockwork Insurance Services serving Metairie, LA, can help you with either option:
- Endorsement: An endorsement (or rider) provides specialized protection that’s added to your homeowners or renters policy. Your policy may offer a jewelry endorsement that’s suitable.
- Personal jewelry insurance: This type of insurance provides specialized coverage for engagement rings and fine jewelry. Options are highly customizable and quite affordable.
Whichever solution you choose, it’s also advisable to get an appraisal that establishes the value of your ring. This is useful if you ever need to file a claim. Contact our team for help insuring your engagement ring and other jewelry items.
