You Have Worked Hard for Your Baubles, Bangles and Beads, Now It’s Time to Protect Them with the Right Insurance

By Edward L. Blais, JD, CIC
President, Blais Insurance 

It can be a nauseating feeling for newly-engaged couples to lose or accidentally damage their engagement ring. If you read through the headlines this time of year, you may be surprised to learn that many people have lost or damaged their rings doing everyday things like exercising, feeding birds, going for a swim, or even cheering for their favorite sports team. As you make plans with your significant other, Blais Insurance would like to share why it is important to protect your valuable jewelry with special types of coverage options.

When it comes to protecting things like expensive rings, necklaces, watches, or other items of value, people have several options they can rely on to protect their pieces. From an insurance perspective, there are generally three types of coverage alternatives that policyholders can purchase to protect their belongings.

Those options include coverage provided under an unendorsed homeowners insurance policy, a bells and whistles-type, coverage enhancing endorsement to a homeowners policy, and a jewelry schedule/floater supplemental insurance program. While any of these insurance policies are better than no coverage at all, policyholders are usually advised to thoroughly assess their insurance needs with a Trusted Choice independent insurance agent to find out which option makes the most sense for them.

At Blais Insurance, we regularly remind our policyholders that as a rule of thumb, special things require special coverage.  For instance, if a policyholder lost an engagement ring to theft from a home break-in, a homeowners insurance policy might only cover up to $2,500 after the deductible is paid.

This suggests that most homeowners would only recover around $1,500 depending on their deductible, but their loss could be much larger if the ring carried the average price of $6,324 —as cited in Business Insider. That’s a total loss of $4,824 for those of you who are counting.

A bells and whistles-type endorsement to your homeowners insurance policy would provide higher dollar limits of coverage for the piece of jewelry, as well as a broader array of covered perils that are insured against.  Additionally, this type of enhanced coverage would protect policyholders’ valuable items often if something happened outside of their home.

Imagine you are swimming in one of Rhode Island’s beaches and you suddenly realize your ring is missing. Although no insurance can replace the exact ring you lost, this type of coverage protects policyholders from significant losses by replacing that ring with one that is of like kind or quality. That means if you purchased a ring for $10,000, you would recover a ring that carried that value.

The last type of coverage is for individuals who have typically higher valued items. These pieces are usually priced exceedingly high and may only be fully protected from losses through a jewelry floater, and which would require an independent appraisal to confirm the value of the piece at the time or writing the coverage.  

Each of the options mentioned above have their strengths. The right policy for one person might not be the best policy for you, and that’s why it is imperative that you speak with your Trusted Choice insurance agent to make sure you are purchasing the coverage you need.  Call Blais Insurance at 401-725-0070 to consult with one of our licensed agents for more information about protecting your jewelry, and to have the peace of mind you deserve.