Most people think that jewelry, including engagement rings and wedding bands, is automatically covered on your home owner’s policy which may not be true. Plus, if you file a claim for lost or stolen jewelry on your home owner’s policy, it may increase your monthly premium which is why jewelry insurance is a must.
Most homeowners’ policies will only cover a set specific amount of jewelry, and only for specific perils (or coverable reasons for a loss). In the case of a loss of jewelry over the amount of coverage in the policy, or a specified peril in their homeowners’ policy, the claimant may have to pay some of that loss out of their pocket for the remainder of the item’s value not covered on the policy. This is why Parks Insurance Group offers specified insurance, such as an inland marine policy or a valuables endorsement to your homeowners’ policy, as a separate option so you can find the right coverage for your valuables, at the right price.
What is not covered by jewelry insurance? Normal wear and tear and aging of jewelry are not covered. For example, you have a gold ring that is scratched and possibly dented, that scratch or dent on the ring isn’t a covered loss. But let’s say the ring is lost or stolen, then it would be covered under a policy that includes mysterious disappearance.
What if my fiancé is not living with me? Is their engagement ring covered? Technically no, your fiancé would have to be living with you and you would have had to add their name to your insurance policy for their ring to be covered. If they don’t live with you and you haven’t added their name to your insurance policy, meaning your fiancé would have to acquire their own insurance for the engagement ring.