Home insurance or renters insurance would protect the ring if it were stolen or destroyed by a hazard covered by the policy. However, home and renters insurance policies limit coverage for valuables, such as jewelry, usually to $1000 to $2,000. Moreover, a home or renters insurance policy would not cover the ring if you lost it.
Consider buying an endorsement or "floater" to provide additional coverage. These are interchangeable terms insurance companies use to describe additional coverage for personal belongings. Generally a floater or endorsement covers accidental loss, and you can buy as much insurance as needed to cover the full value of the ring. Another benefit to this additional coverage is it usually has no deductible. A home insurance deductible might be higher than the value of the ring.
Besides sharing the happy announcement of your engagement with family and friends, let your insurance agent in on the news to get advice about coverage. The agent can let you know the particulars of any coverage you currently have and how to purchase additional coverage if needed.
Keep in mind you'll need to get the ring appraised or provide a store receipt to show the ring's value if you buy a floater or endorsement. The premium for the additional coverage will be based on this amount. Also, inquire about how to keep the coverage updated if the ring goes up in value.
For more, see "Burgled bling: Adequately insuring gold jewelry."
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