Photo by Secret Garden
At Ravenhill Agencies, we’ve seen our fair share of insurance claims related to lost or damaged jewelry. One recent case involved a client whose diamond fell out of their ring, leaving them heartbroken, and having to navigate the claims process. To help prevent such losses and ensure proper coverage, we want to share some essential jewelry maintenance tips and explain the benefits of scheduling your valuable rings on your property insurance policy.
Jewelry Maintenance & Care Tips
Rings, especially those with gemstones, require regular care and attention to keep them in pristine condition. Here are some best practices:
- Regular Inspections – Have a jeweler inspect your ring at least once or twice a year. They can check for loose stones, worn prongs, or any potential issues before they turn into costly losses.
- Professional Cleaning – Dirt and oils can weaken the setting over time. Regular professional cleaning will help maintain the integrity of your ring.
- DIY Cleaning – Between professional cleanings, gently clean your ring with a soft toothbrush, mild dish soap, and warm water.
- Avoid Harsh Chemicals – Take your ring off when using household cleaners, swimming in chlorinated pools, or applying lotions that can dull the metal and loosen stones.
- Safe Storage – When not wearing your ring, store it in a soft cloth pouch or a jewelry box with compartments to prevent scratches and damage.
- Be Mindful of Activities – Remove your ring when engaging in activities that could subject it to impact, such as working out, gardening, or manual labor.
Why Scheduling Your Ring on Your Insurance Policy Matters
Many homeowners or tenants assume their jewelry is automatically covered under their property insurance policy. While this is partially true, standard policies often have limitations when it comes to high-value jewelry items.
Coverage Without Scheduling
Most property policies include some jewelry coverage, but with important restrictions:
- Set Limits – Many policies cap jewelry coverage at around $5,000 or less (varies by insurer), which may not be enough for high-value rings.
- Higher Deductible – Your standard policy deductible applies, which could be $1,000 or more, reducing the payout on a claim.
- Limited Perils Covered – Theft may be covered, but loss or accidental damage (like a diamond falling out) may not be.
Benefits of Scheduling Your Ring
By adding a scheduled personal articles endorsement to your property policy, you can enjoy greater protection:
- Higher Coverage Limits – Your ring is insured for its full appraised value, ensuring full compensation in the event of loss or damage.
- Lower or No Deductible – Many insurers offer scheduled coverage with a $0 deductible, so you won’t have to pay out of pocket for a covered loss.
- Comprehensive Protection – Scheduled jewelry is typically covered against a wider range of risks, including accidental loss, mysterious disappearance, and damage.
- Peace of Mind – Knowing your ring is fully covered allows you to wear and enjoy it without worry.
Next Steps: Protect Your Precious Jewelry
If you own a valuable ring or other high-end jewelry, we highly recommend:
- Getting an Appraisal – Have your ring appraised by a certified jeweler to determine its current value.
- Reviewing Your Policy – Contact us at Ravenhill Agencies to review your existing coverage and discuss scheduling options.
- Adding Scheduled Coverage – If needed, we can help you add a personal articles endorsement to ensure full protection.
Losing a diamond or an entire ring can be devastating, both emotionally and financially. With proper care and the right insurance coverage, you can safeguard your cherished jewelry for years to come. Contact us today to review your options and get the best protection for your valuables!
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