Many of you are probably thinking this is a crazy question – I mean, your wedding ring isn’t a part of your home, obviously – but in reality, your homeowners insurance can protect you, and your possessions, in more ways than you may know.
Of course, not all policies are the same. Before assuming you are covered in one way or another, it’s important to check with your insurance plan and review it’s inclusions, it’s limits, and it’s exclusions.
If, even after going through your policy, you are uncertain of what exactly you are protected against, you can always consult your insurance provider. And this is true not only for your wedding ring, but also for other valuables you may be concerned about, you might be surprised at the scope of your policy!
First Things First: Is It Covered?
Now that we’ve gone and got it in your head that homeowners insurance can cover your jewelry, let us just say this: just because you have homeowners insurance, it doesn’t mean your jewelry is guaranteed to be automatically covered.
Read. Through. Your. Policy.
Most likely, your policy will cover jewelry and other personal valuables up to a combined limit, and within certain circumstances. However, usually you can add a jewelry specific schedule to your policy, providing you and your ring with additional coverage, if you want.
The best thing to do if you aren’t sure what exactly your policy covers in these regards is to speak with your broker.
Pay Attention to the Particulars
Every policy is different – they will have different limits, requirements, processes, etc. Before finding out you aren’t covered after trying to file a claim that you aren’t able to, make sure you have gone through your policy and have taken all necessary steps to ensure you’ll be protected.
Know Your Policy’s Limits
As we mentioned previously, your policy will typically specify a coverage limit that is applied to all of your jewelry – and you’d be surprised how quickly the value of your jewelry can add up.
Your wedding ring alone may exceed the limit of your policies’ jewelry coverage.
Commonly, this limit resides somewhere between $3,000 and $6,000. If you find that your coverage limit isn’t enough for your ring – and any other pieces of jewelry you’d like to protect – you can always purchase additional coverage to up your limits.
Of course, there may be steps you need to take in order to ensure you will be covered to the full extent. It’s better to determine what needs to be done now rather than after an incident occurs and you find out you aren’t covered.
For example, your policy may require regular appraisals of the jewelry being covered (such as every 5 years), in order to keep accurate coverage. This is because the value of jewelry can fluctuate easily, both in terms of appreciation and depreciation.
It may also be in your best interests to take photos of each item you wish to have covered, as well as to save the receipt. Having proof that you were in possession of the item, and confirmation of how much you paid for it will prove helpful if you ever need to file a claim.
It’s always better to be over prepared than under prepared, right?
Don’t risk your wedding ring for one more day – speak with your broker and ensure that your most prized possession is protected against whatever may come.