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Home > Blog > Is my Wedding or Engagement Ring covered under my Homeowners Insurance policy?
FRIDAY, AUGUST 17, 2018

Is my Wedding or Engagement Ring covered under my Homeowners Insurance policy?

Several years ago, my wife’s wedding ring came up missing. It isn’t very often that she takes the ring off. On the rare occasion she does remove it, she always puts it in a safe place in her jewelry box. She recalled the night before we were doing some house cleaning that she put the ring in her “safe place” and now it’s missing.

Upon inspection of her jewelry box she realized that our youngest son must have been in it and her jewelry was scattered about. After a thorough search all the items were account for EXCEPT her diamond wedding ring. Panic set in and my youngest was interrogated as to what had happened.

Then the million-dollar (several thousand dollar) question was asked of me, will our homeowners insurance policy cover the replacement cost of the ring? Well, jewelry is considered personal property and covered under your homeowner’s policy for “named” perils. However, it’s not covered for being lost or for mysterious disappearance unless it’s endorsed. Luckily for me (and my son) the ring was found wedged between a shelf and the wall in our bathroom closet.

The cost to insure by endorsing a piece of jewelry on your homeowner’s policy runs about 1% of the value of the item. Endorsed a $2500 diamond ring would cost about $25 per year with a $0 deductible to insure.

You’ve probably heard the “Rule of Thumb” about spending two months of your income when buying an Engagement ring. Some might have spent a lot more and other not that much. While opinions on how much to spend vary, one thing is for sure, diamonds are a girl’s best friend and they’re expensive.

If you would like to know more about your homeowner’s insurance policy and the limits of your coverage feel free to contact me for an Insurance review. I’m here to translate insurance to English for you.

Posted 3:08 PM

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NOTICE: This and all content is developed from sources believed to be providing accurate information. The information in this material is not intended to be used as tax or legal advice. Please consult with a tax and/or legal professional for detailed information regarding your individual situation. Some of this material was developed and shared by Blake Insurance Agency Inc to provide information that may be of interest. Blake Insurance Agency Inc is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
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