Renters insurance
Renters insurance (which is different from homeowners insurance) is a type of personal property insurance that covers individual personal property inside a rented dwelling. By adding a floater or "rider" to a renter's insurance policy, it is often possible to get insurance on a wedding ring or engagement ring.
[edit] Costs
Renter's insurance rates vary based upon what personal property an individual owns (for example, a policy in the NYC area may have a base cost of $200/year). Some renter's insurance policies will cover loss, damage, or theft of jewelry up to a certain amount (generally with a value under $1,000.00). Each policy will vary and it is suggested that any items you wish to have specifically included in the policy be appraised.
In order to have an engagement ring insured for its full replacement value, the renter must often bring in a jewelry appraisal and a lab certificate to have a "floater" or "rider" on the ring added to the policy. The floater or rider will insure the ring up to the appraised value in case of loss, theft, damage etc. The additional cost will vary (generally an additional $15.00 per $1,000.00 of the appraised value of the ring will be added to the base cost of the policy per year).
If the ring is lost, stolen, or damaged, the insurance company will replace the ring with something that is identical or similar to it up to the replacement value appraised; they do not give you the monetary value of the ring. Policyholders may attempt to use an inflated appraisal, but because insurance providers replace the ring based on its specifications, the inflated appraisal usually has no bearing.
[edit] Weddingbee Posts
- Engagement Ring Insurance Part I - Mrs. Bee on Engagement Ring Insurance, Part I
