Travelers offers two options for adding engagement ring insurance or wedding ring insurance. You can purchase a Valuable Items Plus endorsement or a PAF.
With a Valuable Items Plus endorsement, your homeowners insurance coverage is expanded to protect your valuables from loss caused by additional perils – subject to a few common exclusions. For jewelry, paintings and other fine art you can purchase up to $50,000 of coverage; for silverware, you can purchase as much as $20,000 of coverage. The maximum payment for any one item is either $10,000 or $20,000, depending on the state.
With a PAF, in the case of a jewelry or fine arts covered loss, the coverage allows you to recover the agreed value (based on a recent bill of sale or appraisal). For other items, the policy provides either actual cash value, cost to repair, cost to replace or up to the insured amount, depending on the cause of loss and its current value.