Your standard homeowners policy provides some coverage for valuables like jewelry, but in most cases it is limited to somewhere between $1000 and $2500. If a valuable item such as an engagement ring exceeds that limit there is no coverage for the difference. In order to fully cover that ring, you need a "scheduled personal property" endorsement. This endorsement may by added to your home, condo, or renters insurance. This covers such things as theft, mysterious disappearance, and even the loss of the stone from the setting. No deductible would apply on scheduled items.
The value of the piece would be determined by a jewelry appraisal which most insurers need in order to bind coverage. With the increased value of gold and precious stones, it is more important than ever to protect your jewelry. For more information, go to our website or call us at 847-692-3010.