If your insurance policy includes coverage for personal property, the ring and your other jewelry will automatically be covered, up to your coverage limit. To know for sure whether that coverage is enough, you’ll need to check your insurance policy or call your agent. You’ll also need to know about how much the ring is worth.
Here’s an example: Say your renters insurance or home insurance includes $5,000 of coverage for jewelry. If your engagement ring needs $4,000 worth of coverage and you have $2,000 worth of other jewelry, you’ll want to adjust your policy. On the other hand, if the ring is your only valuable jewelry, it would be fully covered with $1,000 to spare.
There’s something else to keep in mind: Personal property coverage has different coverage limits for different types of losses. For example, your policy’s coverage limit for theft could be $2,000 for theft of jewelry with a maximum of $1,000 for each item.
You can also add extended coverage on jewelry, watches, and furs.
It’s a good idea to talk to your agent to make sure you completely understand your policy and have the coverage that’s right for you.