An engagement ring often is the most expensive and most meaningful piece of jewelry a woman owns. It is important to have the ring insured in case it is lost, stolen, or damaged.
Homeowners and Renters Insurance.
Homeowner’s and renter’s insurance policies often cover personal property such as engagement rings. Unfortunately, the payout for personal property on such policies is usually around $1000, which may be far less than your engagement ring is worth. In addition, these policies often do not cover your ring if it is lost or damaged.
Covering your Engagement Ring.
Covering your ring is usually as simple as getting an endorsement or rider added to your homeowner’s or renter’s insurance policy. An endorsement or rider is an amendment to your existing policy that covers personal property beyond the original policy. For an engagement ring, a floater or endorsement typically will cover your ring for its appraised value. There are also some companies that specialize in jewelry insurance. Check out http://www.jewelersmutual.com/pj/
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