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Jewelry Insurance and Ring Insurance
Insuring jewelry or other expensive items is quite common; when thousands of dollars are spent on an item, you probably want to keep it protected! Jewelry insurance, engagement ring insurance, and many other types of expensive item insurance help you protect those items that you value the most.
Where Can I Purchase Jewelry Insurance?
There are hundreds of companies through which you can purchase jewelry or engagement ring insurance. The two most common venues are specialized jewelry insurance companies and home insurance companies.
There are many different companies that specialize in jewelry insurance. These companies offer little else other than insurance for jewelry. They are, however, very extensive and do provide excellent insurance for any type of jewelry you may own.
Home insurance companies also have jewelry and engagement ring insurance. It is called "scheduling personal property" and does not apply just to your jewelry; you can schedule any item you wish. If you have other items that are just as important to you (guns, bullions, etc.), you can schedule those too.
Jewelry Insurance and Your Home Insurance Policy
Many people who already own a home wonder why their home insurance policy doesn't automatically insure their jewelry under the Personal Property portion of their home insurance. Why wouldn't jewelry be covered under your home insurance policy like all your other possessions? Well, the truth is, it is covered! Any jewelry that you own is automatically insured under home insurance policy. There are, however, reasons why home owners choose to schedule their personal property instead of just allowing it to be covered under the Personal Property blanket.
- Pay No Deductible. When you schedule personal property, you pay no deductible. For example, you want engagement ring insurance, and thus schedule it on your home policy. When it turns out missing, you can get it replaced without any money out-of-pocket.
- Get Full Value for Your Jewelry. Although your jewelry can be insured under the Personal Property portion of your home insurance, it can be difficult to get your home insurance company to pay what the ring (or any other piece of jewelry) is actually worth. For example, if you claim your ring is worth $10,000, how does the insurance company know if it truly cost you $10,000? With jewelry insurance, you can be sure you will get full value for your expensive items.
- Coverage for Mysterious Disappearance. One thing that Personal Property insurance does NOT insure is items that you misplace or lose. Jewelry insurance, on the other hand, typically will cover this! It is referred to as Mysterious Disappearance coverage. This way you can misplace or lose your ring, and your engagement ring insurance will still replace the ring.
What Do I Need to Get Jewelry Insurance?
What is required to purchase jewelry insurance varies depending on where you purchase it, but most companies require some sort of proof that the items you own are worth what you claim they are. The two most common ways to prove worth is through 1) a recent bill of sale or 2) a recent appraisal. What is "recent" depends on what company you are insuring your valuable with.