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Make sure your new engagement ring is insured against theft, loss

Posted On Thu, February 18, 2010

As a slew of girlfriends and new brides-to-be gaze at the new expensive jewelry they received for Valentine's Day, it may be wise of them to consider adding clauses to their homeowners insurance to protect them if they are lost or stolen.

According to the Insurance Information Institute, while many home insurance plans do cover the theft of personal items from a home, there are often price caps of up to $2,000 that can negate coverage of some items if they go missing under basic plans.

"To properly insure jewelry, consider purchasing additional coverage through a floater or an endorsement," said Jeanne M. Salvatore, vice president of Consumer Affairs institute.

In order to ensure that expensive jewelry is adequately covered by one's homeowner insurance plans, the institute recommends contacting an insurer as soon as the expensive piece is purchased to figure out it additional coverage. In some cases, an appraisal of the item is required in order to determine its true value, so knowing a reliable appraiser is suggested as well.

Once the item is covered by the insurance plan, regularly updating the value of the piece and adding it to one's home inventory is suggested as well to avoid any miscommunication in the future.

"While there is no way to insure the sentimental value of jewelry, at least having it properly insured will provide financial protection in the event it is lost or stolen," added Salvatore.
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