Knowing how much personal property insurance coverage you have under your standard homeowners or renters policy is a good place to start. Most of the time, you'll be covered up to a certain limit if the ring is stolen. But with the average in the US costing around $5,000, insurance policies may not cover the full value.
Your standard coverage may only cover part of the ring's cost, and there's usually no coverage if the ring is lost or damaged, so you may have to add additional coverage to insure the full cost should you ever need to replace the ring. This is called scheduling property, which means you're increasing the amount of insurance coverage for an individual item. For high valued items, like engagement rings, the item is on a "schedule" and insured separately - not covered under the general personal property limit. Usually you can expect to pay around $1-2 per $100 of the item value.
If the ring or piece of jewelry is brand new, the receipt from purchase can help determine the value. Prior insurance carrier declarations are also good documentation to have on hand if it's been previously insured. It's a good idea to get a professional written jewelry appraisal done to make sure that the item is being insured at its correct value. This is especially true if the ring is an heirloom or hasn't recently been purchased.
"Remember that the value of jewelry can change over time. It is important to have a recent appraisal done every 2-3 years and update your policy when the value of jewelry changes to ensure adequate coverage," advises Emily Lyons, Liberty Mutual personal property insurance expert.
Another important factor is insuring your new jewelry in a timely fashion. You'll want to make sure you're covered even if it something were to happen in the days after purchasing or receiving it as a gift.
Once you have jewelry insurance, keep your current appraisal, policy information, and any documentation about the piece in a safe place should you ever need to make a claim. It's recommended you also take pictures of the pieces (which should be included in a professional written appraisal). Consider using the Liberty Mutual Home Gallery app to take inventory of all of your jewelry to keep this information in a centralized place.
Following these tips will keep your mind at ease that your sentimental pieces of jewelry are protected.