You debated taking it off before going to the beach. But you couldn’t bear to leave it at the hotel. After all, this is your first anniversary and you wanted to have it on anyway. Sadly, it is now gone. Hidden somewhere in the sandy beach. You’ve looked everywhere, and you still can’t find the ring. Not only have you lost the most sentimental piece of jewelry you own, but you’ve also lost an expensive piece of bling. The question is, will your home insurance cover this loss?
The good news is that items of value that are lost or damaged are typically covered under your home insurance policy. So, while you won’t get that exact ring back, after paying your deductible, you can get a cheque for the full actual value of the item — great news if the diamond ring is expensive.
That said, many home and tenant’s insurance policies cover the contents in your home such as jewelry, watches, art and other valuables (like that autographed game worn Gretzky jersey), but only up to a specified combined limit. This limit could be as little as $1,000. And that won’t replace your big rock and may not replace the jersey either!
It is therefore important to make sure you have enough coverage for your most valuable items. That means making a list of those special items, like your engagement ring, and talking to your insurance broker to get extra coverage added to your homeowner policy for those precious items you want to protect. It may require a slight increase in your premium, but that’s a small price to ensure that you’re fully covered for the total loss, should something happen to your precious jewelry or other high valued possessions.
Your insurance company will likely require photos and a current bill of sale or an appraisal of the piece before insuring high-value jewelry or other expensive items. This will establish the value of the item and simplify things if there is ever a claim. Keep in mind that jewelry tends to appreciate over time, so your insurance company may require you to get an appraisal done every three to five years.
In addition to insuring your cars, home, and other prized possessions, Munn Insurance is committed to helping you and your loved ones stay safe and protected. And we can help you make sure you have all the coverage you need for all those extra special items; like your diamond engagement ring.