While a standard renters insurance policy typically provides some coverage for your engagement ring, you’ll have to determine if you need more protection.
Jessica is a freelance writer, professional researcher, and mother of two rambunctious little boys. She specializes in personal finance, women and money, and financial literacy. Jessica is fascinated by the psychology of money and what drives people to make important financial decisions. She holds a Masters of Science degree in Cognitive Research Psychology.
Jessica has been a contributor at Insurify since July 2023.
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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Most renters insurance policies will cover your engagement ring up to the amount specified in your policy. A standard renters insurance policy will cover your ring if a covered peril damages it, or someone steals it. But if you lose it or it’s damaged by a peril that’s not listed, you might be out of luck.
Here’s what you need to know to ensure your engagement ring has proper protection.
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When renters insurance covers an engagement ring
Standard renters insurance policies provide some coverage for jewelry and other valuable items as part of the personal property category. Your policy will cover your ring up to the coverage limit, but it doesn’t cover all types of losses.
Renters insurance will usually cover your engagement ring in the following scenarios:
Theft
If someone breaks into your rental and steals your engagement ring, most standard renters insurance will cover it up to the policy limit — typically around $1,500.[1] But if your ring is very valuable, this might not be enough protection.
Disasters
If a covered peril such as fire, explosion, or storm damages your ring, your policy will cover it.
Vandalism
If someone vandalizes your rental and damages your engagement ring during the process, most policies will cover it up to the policy limit.[2]
When renters insurance doesn’t cover an engagement ring
To ensure you have the protection you want for your engagement ring, make sure you understand what a standard renters policy doesn’t include.
Here are some examples:
Loss: If you leave your engagement ring in a hotel room, or it falls off in the ocean while swimming, a standard rental policy won’t cover it. If you want loss protection, you can purchase an additional floater policy.
Damage from non-covered peril: Renters insurance typically won’t cover damages from perils your policy doesn’t include, such as earthquakes or floods.
Intentional damage: A standard renters policy will cover damage from covered perils, but it won’t cover intentional damage.
Ring is worth more than the covered amount: If your engagement ring costs $5,000 and your policy limit is only $1,500, you don’t have enough coverage for your ring. You could purchase a rider for additional coverage.
Coverage limits for an engagement ring
In many cases, jewelry is covered up to a certain amount — typically around $1,500. Your policy outlines the exact amount. To understand if you have enough coverage for your engagement ring, carefully review the terms and conditions and ask questions if you’re unsure about anything.
If your engagement ring exceeds the policy limit and you want additional protection, you can purchase a floater policy for your engagement ring. This type of policy typically costs 1% to 2% of the value of your engagement ring.
For example, if your engagement ring costs $3,000, you’d pay between $30 and $60 for extra insurance. The cost can also vary based on your location.
Can you get separate jewelry insurance for an engagement ring?
If you want more coverage for your engagement ring, you have a few options. You can purchase a floater policy as an add-on to your renters insurance, which provides protection exclusively for your engagement ring, wedding ring, or other high-value items.
Before purchasing this insurance, you may have to get a professional appraisal of your engagement ring. The benefit of a floater policy is that it provides more broad protection, including accidental loss coverage.
Another option is to raise your liability limits. Since a standard policy typically provides a low limit of coverage, you could raise the limit from $1,500 to $5,000.
While this option is typically cheaper than adding a floater policy, there may be limits to how much you can claim on any one item of jewelry. For example, you might only be able to claim $2,000 for your engagement ring, even if your total coverage limit is $5,000.
How to add an engagement ring to your insurance policy
Follow these steps to make sure your engagement ring is covered:
Document the value of your engagement ring. The insurer might require a professional appraisal.
Contact your insurance company. Call your insurance agent to let them know you want to add an engagement ring to your policy.
Know your coverage limits. Go over the policy details to make sure it provides adequate coverage.
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How to file a claim for a damaged or stolen engagement ring
If your engagement ring is stolen or damaged by a covered event, here’s how to file a claim:
Report the event to your landlord. Contact your landlord to let them know what happened.
Call the police. If you’re the victim of theft, report the incident to the authorities.
Contact your insurance company. Reach out to your insurer to file a claim.
Document the incident. Take photos or video to document the damages.
Renters insurance and engagement ring FAQs
If you still have questions about whether your renters insurance policy provides enough protection for your engagement ring, check out the additional information below.
Can you add an engagement ring to your renters insurance?
Yes. You can typically add your engagement ring to your renters insurance policy as part of your personal property coverage. Contact your insurance company to see what steps you need to take.
What type of insurance covers an engagement ring?
Your engagement ring is typically covered under your standard renters insurance policy, up to the policy limit. You can also purchase additional specialty coverage to ensure proper protection for your engagement ring.
Can you file a renters insurance claim for a lost engagement ring?
Standard renters insurance policies don’t cover losses. If you want loss coverage, you’ll have to purchase a floater policy for your engagement ring. This type of insurance covers losses of any type.
How much does renters insurance cover for jewelry?
A standard renters policy generally provides about $1,500 in coverage. But if your ring is worth more and you want better protection, you can purchase additional coverage.
How do you add an engagement ring to your renters insurance policy?
If you want to add a floater policy for your engagement ring to your renters insurance policy, the first step is to get your ring professionally appraised. You can then speak to your insurance company about purchasing a floater policy and adding your engagement ring.
Jessica is a freelance writer, professional researcher, and mother of two rambunctious little boys. She specializes in personal finance, women and money, and financial literacy. Jessica is fascinated by the psychology of money and what drives people to make important financial decisions. She holds a Masters of Science degree in Cognitive Research Psychology.
Jessica has been a contributor at Insurify since July 2023.
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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