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Can I insure my wedding ring under my renter's insurance?

May 14, 2021. Your renter’s insurance covers your possessions, including your wedding ring, but your renter’s insurance policy will probably contain special limits capping the amount you can claim in the event certain types of property are lost or stolen – and your wedding ring likely lands in that category.

Does my renter’s insurance cover my wedding ring?

While your renter's insurance does cover your jewelry, most renter’s insurance policies have a limit of a few thousand dollars per claim or have a limit for each type of item, such as jewelry. Read your policy and determine what the limit is for jewelry and whether you will need additional coverage for your wedding ring to cover the cost of replacing it.

Adding additional coverage with your renter’s insurance

The easiest way to get more coverage for your wedding ring is to schedule it on your renter’s insurance. Scheduling an item on your policy ensures that it is covered for its full value in the event of an insured claim. The coverage amount is determined by establishing how much it would cost to replace your wedding ring and also by factors like where it is usually kept.

Scheduled personal property

Comprehensive coverage for your wedding ring can be added to your renter’s insurance in the form of Personal Article Floater (PAF). When you schedule personal property, you add insurance to a specific high-value item such as your wedding ring. The full value of your ring would be covered and there is usually no deductible. If you needed to make a claim you would contact your insurer and be reimbursed for your wedding ring either for its actual cash value or its replacement value.

What should you look for when insuring your wedding ring under your renter’s insurance?

You should be aware of what your policy will cover when you add your ring to a a PAF. Make sure to understand your coverage and that it meets your financial and sentimental needs. Replacing a wedding ring can be emotional and personal so it is important that your renter’s insurance policy deals with this in a way that you agree with.

How will your wedding ring’s value be determined?

Will you be reimbursed for the current appraisal value of your wedding ring or its purchase price? If your wedding ring is covered for actual cash value your renter’s insurance policy will cover it for what it is worth now. It may have depreciated and you might get less than the wedding ring cost to buy. Conversely, if you purchased replacement cost coverage, you would get a brand new ring, either the identical one if it is available or one that closely matches it in kind and quality.

What does your scheduled property insurance cover?

Good insurance for your wedding ring should cover everything that could happen to it, from theft to accidentally dropping it in the garbage disposal. Find out if there are circumstances that are not covered by reviewing your policy wordings with your broker.

Which documents will you need?

Most insurers require a relatively recent appraisal from a certified appraiser. Some may accept a recent receipt from the jeweler where the ring was purchased. Speak to your Western Financial Group broker about your insurer’s particular requirements.

Cost of coverage

Insuring a wedding ring generally costs about 1% - 2% of its value per year. Living in an area with a low risk of theft, having a security system, and storing your wedding ring in a safe can reduce your premium.

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