We’ve all heard the song “If you like it, then you should’ve put a ring on it.” We like to say “If you like it, then you should’ve put insurance on it!” Whether you are planning a sweet proposal or buying a new piece of art for your home, you will want to protect your valuable item from accidental losses, damages, or theft!
While most homeowners or renters’ insurance policies do cover items such as jewelry, they have a relatively low limit on how much they will pay for a single item. Generally, a standard policy will cover about $1,500, which would be fine for most items. However, if you get a more expensive item such as an engagement ring or an antique, you might not get the full amount to replace or repair the item. That’s where valuable items insurance steps in.
Valuable items insurance can cover many types of losses, including those your homeowners or renters insurance policy will not cover. If your ring slips off your finger down the kitchen sink or you leave your expensive watch in the hotel room, valuable items insurance can cover it. Valuable items insurance policies are not restricted to your home. A homeowners or renters insurance policy often won’t cover loss or damage to jewelry that you wear outside of your home.
Source: https://www.iii.org/article/floaters-and-endorsements-special-coverage-valuables