Renters insurance is one of those things that few people have, but can be a lifesaver when they need it. The policies are usually pretty cheap, especially when compared to homeowners insurance, and there’s really no reason not to have it. The only real down side to your typical renters insurance policy is that it only provides coverage for items inside your home, and then for only a limited amount. So if you own anything that’s particularly valuable, such as an engagement ring, you’re probably going to need to buy a rider.

A rider is an additional policy added to one’s rental insurance that covers one specific item or class of items above and beyond that of your base policy. So, if you want to make sure your precious engagement ring is covered, you’ll need to speak with your insurance agent and ask them a few questions.

  • Find out if your ring will be covered if it’s lost, or only if it’s stolen.
  • Are there any specific requirements put in place by the insurance company when it comes to replacing the ring, such as reimbursement via check or having to purchase a new ring from a specific jeweler?
  • If the ring is vintage, you’ll want to know how the value is calculated as opposed to a contemporary ring.
  • Is the ring insured to full cost or just a fraction of it?
  • How will you be required to prove the ring is gone in the event that you need to file a claim?

Your insurance company will want to know the value of the ring, and will likely require that you have it appraised as well as provide a purchase receipt. Last, if you’re planning to move, make sure your rider moves with you. If you attach the rider to a renters insurance policy at one location and end up moving to another, your ring will no longer be insured!

There are a lot of other ways to use your renters insurance to protect your valued possessions. If you have any additional questions, give Carol a call at 661-803-3803 or stop by for a FREE quote!