What is the best way to insure a wedding ring?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: Mar 1, 2011

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Insurance Question from North Hollywood, CA

Asked on 03/01/2011

What is the best way to insure a wedding ring? Hi I recently purchased a wedding ring appraised for around $18,000. I was wondering what the best way to insure this ring is. I currently do not have a renters insurance policy, but would like to get the best coverage for this ring at the lowest cost. I would appreciate any advice. Thank you!

Answer given on March 03, 2011

A renters policy provides limited coverage for jewelry.  Based on the value of the ring, you should purchase a personal articles policy.  This policy specifically insures items such as jewelry, furs, silver and other items.  You itemize the item(s) based on the appraisal or a recent receipt.  Anything that happens to the item is covered – fire, theft, a stone falls out, you lose the ring, pretty much everything.

There are many different policies available.  However, the standard is that the policy is a valued policy meaning the insurance company will pay the amount shown. Some policies give the insurance company the option to replace the item and not necessarily for the amount of insurance.  I suggest you avoid that policy. Some policies have an option for a deductible which reduces the cost of the policy. 

Talk to an insurance agent for the best option for you.  Many insurance companies are willing to write a personal articles policy without requiring any other insurance policy, but some do require a supporting policy.  Shop around to be sure you get what you want.

IMPORTANT NOTICE: These answers are for general information purposes only and are provided by the person answering and FreeAdvice.com AS IS. It has not necessarily been reviewed by the management staff of FreeAdvice.com nor is it binding any insurance agent, broker, or other insurance professional or any attorney or insurance company. Insurance laws, regulations and practices vary from state to state and insurance policies and practices differ from company to company, by type of policy, by state and locality and by type of insurance. Tiny variations in the facts, policy language or a detail not set forth in a question often can change the outcome or a professional's conclusion. Although FreeAdvice.com has confirmed that the answer(s) was/were provided for the account of an experienced insurance professional, that professional may not be licensed in the state referred to in the question, and may not be experienced or up to date in the subject area. Unlike the answers provided here, upon which you should NOT rely, for personal advice you can rely upon we suggest you consult a licensed insurance professional in your area or retain a licensed attorney listed on AttorneyPages.com to represent you.

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