Many people who own expensive pieces of jewelry, such as an engagement or wedding ring, often think they are fully covered by their renters or homeowners insurance. However, additional coverage is often required to recover the full amount should it be lost, destroyed, or stolen. Here’s what you need to know to protect your rings. 

3 Facts You Should Know About Ring Coverage

1. You Need More Coverage than a Standard Homeowners Insurance Policy Offers

Most homeowners insurance policies limit the amount of payment for lost or stolen jewelry to between $1,500 and $2,500; a typical engagement ring can cost two, three, or even five times that amount. Thus, it's important to purchase a rider for your renters or homeowners insurance that covers the entire value of the ring. Without it, you may only recover a fraction of what its worth should it be taken by a thief or go missing.

2. You Must Get an Appraisal

Your insurer will want an independent appraisal of its value, even if you still have the sales receipt. The appraisal should detail the cut, color, clarity, and carat weight of the diamond, as well as the metal type of the band and any marks or hallmarks that could help identify it. A reputable appraiser typically charges between $50 and $150 per hour, and the cost of the appraisal will depend on the item's complexity.

3. You Should Get Coverage Details

Make sure you know what your coverage entails because policies will differ between carriers. When purchasing insurance, ask questions. Does it cover lost items or only stolen goods? Can you choose who will repair any damages? What type of documentation do you need to show if it's stolen? Are you covered if you’re out of the state or country?  Under what circumstances will the ring not be covered?

To add ring coverage to your renters or homeowners insurance, contact Kalita Agency in Watertown, CT. They serve individuals and business owners in and around Litchfield County and can help you design a custom insurance policy to protect your high-end jewelry. Visit their website to learn more about their services, or call (860) 274-8882 to request an insurance quote.