Coverage for rings and other bling
Somewhere in the parking lot of the Albertson’s on Dale Mabry Highway in Tampa was the small, dazzling red ruby that had gone missing from my ring. At least, I think that’s where it landed. I searched all over and came up empty handed, in more ways than one. Both the stone and setting had been knocked off, probably while I was juggling groceries, a broken tailgate on the station wagon and two young children. (This was a long time ago; those kids are adults and the grocery store is gone, so don’t go a-lookin’.)
The ruby was precious to me, yet not of a high dollar value. If I had filed an insurance claim, the value of the stone would have been less than the deductible on my policy. Chalk it up to an(other) life lesson.
If you are getting or giving valuable jewelry this Valentine’s Day, check out what coverage is provided in your homeowners or renters insurance policy. Most policies provide coverage, but there are limits in the standard policy — and the coverage is insufficient for high-end gems or expensive watches. For these, you should either get an endorsement to your policy or purchase additional coverage that itemizes high-dollar property, which is known as “scheduling” them.
To schedule brand new baubles, all you need to do is have a receipt for the purchase. For heirlooms, you must have the item appraised. Don’t be blinded by bling. Get practical tips for protecting jewelry, art and antiques from theft, loss — and other types of mishaps. The place to start is by reading your insurance policy to see what coverage you have. The next step is to look in your jewelry box.