Giving or getting an engagement ring is a major life event. Most couples find themselves extremely busy before and after a wedding. This is a time of planning a wedding, a honeymoon, and a new life together. Still, couples need to take the time to protect their investment in wedding jewelry. For most engaged people, this means that they need to make sure that their Florida homeowners insurance or renters insurance covers this expensive and meaningful jewelry.
Who should take responsibility for covering the ring if the couple doesn't already live together? Typically, the person who has the ring at the moment should take responsibility. For example, Don plans to marry Dawn. Before Don gives the ring to Dawn, it's his job to cover it. Once Dawn accepts the ring, it becomes her responsibility.
Does Florida Homeowners Insurance Cover Engagement Rings?
Typical home policies provide personal property insurance for 50 to 70 percent of the home's value, according to the Insurance Information Institute. For example, you might expect a home insured for $200,000 to have $100,000 to $140,000 worth of personal property coverage. However, some insurers limit the coverage for certain types of items to a much lower amount. Very often, this limitation could include valuable jewelry. In some cases, each individual piece of jewelry might only have $1,000 or $2,000 of coverage. Always ask your independent insurance agent about the details of your specific policy.
Southern Oak allows policyholders to schedule personal property items on Homeowners policies for a specified limit that is higher than the typical sub-limit if you are able to provide receipts or appraisals for those items within the last year. Scheduling specific limits for personal property items is a benefit that not all carriers offer. Here are the rules:
- Items must have a receipt or appraisal that is no more than one year old
- Items can be scheduled for the limit on the receipt/appraisal
- Typical sub limits for various classes of items range from $1500 - $2500; Scheduling an item provides higher coverage than that
How can homeowners and renters find out if engagement rings and other valuable pieces of jewelry are covered by a Florida homeowners insurance policy? If the original policy seems unclear or difficult to understand, the best course of action is to simply call the independent insurance agent or the insurance company. Agents and insurance company representatives will be happy to explain exactly how a policy covers jewelry in case it is lost, stolen, or damaged. If the piece lacks adequate coverage, insurers or agents can usually add riders to the policy to help protect it. Here are 7 other important questions to ask your Florida homeowners insurance agent.
If you want to avoid risks when buying engagement ring insurance and more, check out another one of our posts here.