Does My Renters Insurance Cover My Engagement Ring?

1. 

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   David G. Pipes, CLU®, RICP®

   Business Development Officer, T.D. McNeil Insurance Services, Fresno, California

   An engagement ring would be considered personal property and be covered to the limits of the policy. However, the company will generally have a fixed limit for loss involving jewelry. You may find that your ability to recover from a lost engagement ring would be seriously reduced by the deductible on the policy. If you are concerned about replacing an engagement ring, most companies provide a “floater” policy that will cover that exact ring anywhere in the world 365 days a year and often provides the coverage without a deductible.

   Answered on September 9, 2014

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   Tom Sheehan

   Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482

   Talk to your Insurance Professional about the terms and conditions of your policy because there may be limitations on the coverage that your standard policy may provide. The ring is personal property, but many policies limit the amount of coverage on "unscheduled" jewelry that is pieces that are not specifically insured either as a rider or as a stand alone policy. It is best to insure your ring specifically because not only is the coverage broader (it even covers if the stone falls out and is lost and a standard renters policy won't) but in most cases, the policy deductible will not apply. Get a clear copy of your appraisal and give it to yur licensed agent and they will be able to cover it properly for you.

   Answered on September 10, 2014

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