Quote: Originally Posted by Tlseege Not necessarily. It depends how much your ring is worth. Most policies will automatically cover up to $1,000 or $2,000 worth of jewelry. After that, you will need to add additional Special Personal Property coverage which is typically an additional $8-$10 per thousand of value. Hi girls!
Okay here is the insurance agent again!
Those of you who are insuring your ring on your homeowners/renters insurance...BE CAREFUL!!! As mentioned...most of these policies cover only up to $1000 - $2500 for jewelry unless you either increase the coverage up and most only go up to $5,000 or add either a rider (floater) onto the policy for the ring coverage or purchase an additional personal articles policy.
These separate policies cost additional, but are usually very reasonablely priced. The other good thing about them is that they offer broader coverage. So on the home/renter policy, it's only covered for fire, vandalism theft (the same as the home is insured for) and your deductible applies (most are at least $500 or $1000). The floater policies usually cover for all perils like if you lose the stone or chip it or lose the ring itself and you can usually get these with no deductible if you want.
So... be very careful in thinking that you have good coverage for your ring! You may very well, but you might not and you won't know unless you need it. So I suggest calling your insurance company and verifying exactly how much its covered for and for what type of losses!!
On a side note: The jeweler my ring came from offered a lifetime warranty on the ring as long as I came to them every 6 mo. to have it cleaned. I also purchased a separate personal articles policy for my ring and it costs $64 a year w/ State Farm.