To find out the answer to this question, I talked to Keith Rocha at The American Insurance Group. His answer, by the way, is “Maybe.”
General Homeowner's Policies
According to Keith, “Most home policies have property limits on certain specialty items like jewelry, guns, art and other valuables.” He said typical policies may provide up to $2,500 for those special items. That’s $2,500 for ALL of those items, not per piece, so it’s clearly not enough protection against loss of your most precious possessions. Additionally, the coverage provided for jewelry on a homeowners policy is limited, meaning the policy might cover jewelry lost in a fire but not jewelry that is stolen or simply lost.
Personal Articles Floaters
To provide adequate coverage for these higher valued items, Keith says the safest bet is to “schedule” the items on a personal articles floater. You can purchase a personal articles floater as either a separate policy or as a rider added to your homeowners policy, depending on which insurance carrier you use.
A personal articles floater allows you to insure your wedding ring and other valuable items at their full values. Ideally, for the broadest coverage, jewelry should be scheduled, or itemized, on an inland marine/personal property floater. This can provide all-risk coverage, which means your ring and other scheduled valuables are covered for any risk that’s not explicitly omitted in the policy.
What You’ll Need
Some insurance carriers provide blanket coverage, but in most cases, you’ll need to provide an appraisal and/or bill of sale documenting your ring and its worth. It’s also smart to take pictures or video footage of your wedding ring and other insured valuables. Keep those visuals somewhere safe, along with your appraisal and proof of purchase, so you’ll have everything you need to make a claim.
WE HOPE THESE IDEAS AND TIPS ARE INSPIRATIONAL. PLEASE CALL ME WITH ANY OF YOUR HOME BUYING OR SELLING NEEDS AND QUESTIONS. (423-421-9192)