Protecting jewelry from loss or theft is often a concern for first-time buyers of expensive engagement rings or other expensive jewelry pieces. For more expensive pieces, like engagement rings, an amended homeowners insurance policy or even a separate policy may be the best solution. Amended or separate policies will give added coverage in and away from the home, should the ring be lost, stolen or damaged. These extra policies are relatively cheap, about 10 dollars a year for most rings, and are highly recommended for pieces that are worth more than 1000 dollars.
If you don’t want to insure your ring separately or pay to amend your policy, you can still be covered by your existing policy if the ring is stolen or damaged in your home. But you may not get the full value of the ring and it may not be covered at all if it is lost or stolen away from the home. Also, homeowners insurance will only pay about 1000 dollars for stolen jewelry and often nothing at all for jewelry lost by other means like fire or flood. Renters insurance only covers about 500 dollars.
Whether you wish to only cover your ring with a regular insurance policy, or if you wish to add extra insurance to your jewelry pieces, it is important to keep up to date information on their value. Have your ring appraised and store all records of its appraisal in a safe location away from your home.