What is the best way to insure a wedding ring?
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UPDATED: Mar 1, 2011
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Insurance Question from North Hollywood, CA
Asked on 03/01/2011
What is the best way to insure a wedding ring? Hi I recently purchased a wedding ring appraised for around $18,000. I was wondering what the best way to insure this ring is. I currently do not have a renters insurance policy, but would like to get the best coverage for this ring at the lowest cost. I would appreciate any advice. Thank you!
Answer given on March 03, 2011
A renters policy provides limited coverage for jewelry. Based on the value of the ring, you should purchase a personal articles policy. This policy specifically insures items such as jewelry, furs, silver and other items. You itemize the item(s) based on the appraisal or a recent receipt. Anything that happens to the item is covered – fire, theft, a stone falls out, you lose the ring, pretty much everything.
There are many different policies available. However, the standard is that the policy is a valued policy meaning the insurance company will pay the amount shown. Some policies give the insurance company the option to replace the item and not necessarily for the amount of insurance. I suggest you avoid that policy. Some policies have an option for a deductible which reduces the cost of the policy.
Talk to an insurance agent for the best option for you. Many insurance companies are willing to write a personal articles policy without requiring any other insurance policy, but some do require a supporting policy. Shop around to be sure you get what you want.
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