After the Christmas gifts are opened, the wrapping paper is picked up, and the Christmas dinner is over, you might want to take a minute to think about the different gifts that people in your household received. Did anyone receive anything expensive that you might need to add specifically to your homeowners or renters insurance policy? Did someone receive a nice necklace or ring? That Gibson Guitar they have been talking about for a couple years?
We have had a few insureds share the great news that they are engaged this holiday season. Engagement rings, and other jewelry, often has limited coverage on insurance plans unless it is added as "Scheduled Personal Property" to your home, renters, condo, or manufactured home insurance policy.
We also typically get the question about who needs to insure the engagement ring - the person who gave the ring, or the person who is wearing the ring? This depends on a few different factors such as whether the couple live together (and have a joint insurance plan) or if they live separately. Generally, the person who is in possession of the ring needs to be insuring the ring.
Typically, we think about jewelry as an item that might be appraised and added to a homeowners or renters insurance policy as "Scheduled Personal Property", but there are other items that you might want to consider:
- Cameras, lenses, and equipment
- Golf Clubs
- Skis or snowboards
- Road bikes
- Art or antiques
- Musical Instruments