Ring Insurance: Lower Payments For The Same Ring

Ring insurance protects your rings in case of loss or theft, but there are ways to get insurance for a lower cost. Choosing the right type of policy for your needs, keeping the ring safe, and a little research can result in lower payments for your ring insurance.

The Type of Ring Insurance Matters

Choosing the right policy you can cut your payments down. Do your research and find out which one will offer the lowest payments with the right amount of coverage.

Homeowner's Insurance

You may not even have to pay for extra insurance. Your homeowner's or rental insurance does cover unscheduled jewelry in case of theft of damage. However, there are limitations. This insurance does not cover what may happen outside of your home nor does it cover mysterious disappearances.

It is also wise to note that homeowners insurance only covers up to $1000 for unscheduled jewelry, and renters insurance covers up to $500. This may not be enough to replace your ring.

For this reason, personal article policies, also called "riders" or "floaters," are available for an extra cost.

Valued at Insurance

This is the rarest and most expensive kind of insurance out there. With this insurance, you choose how much your ring is worth. If there is a loss you get the amount you asked for.

Replacement Insurance

Replacement insurance replaces the jewelry you lost with another similar one.

Actual Value Insurance

This is the most common and least expensive ring insurance. If your ring is lost, this insurance pays you the cost of the ring minus depreciation caused by wear and tear. By choosing this insurance, you may be able to lower your costs.

Keep Your Rings Safe

Insurance companies reward you for taking steps to keep your rings safe. Therefore, if you have a security system in your home or keep your rings in a safety deposit box, you may be able to get discounts. Speak to your insurance agent about it.

Ring Insurance Deductibles

A higher deductible may lower your premiums.

Many ring insurance policies offer no deductibles which makes them an attractive option. However, by taking on some of the cost of replacing your rings, you may be able to lower your payments. Speak to your insurance agent.

Does Where I Live Affect Ring Insurance Premiums?

If you live in a high-crime neighborhood, your insurance payments will most likely be higher. This is because it is more likely that your ring will be stolen. Insurance rates also vary by state.

Shop Around for Ring Insurance

You may also be able to find cheaper insurance by looking at different companies.

You can also save by insuring your jewelry with the same company that insures your car and home. Companies want to encourage you to stick with them and often reward you by offering discounts for multiple insurance policies. Keep an eye open for the best deal for your needs.


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