Don't leave your most precious gift unprotected! Insuring an engagement ring through your homeowner's or renter's insurance is easy and reassuring
For newly engaged couples, every available ounce of energy becomes focused on planning the perfect wedding. There's a venue to be picked, vendors to hire, budgets to create, invitations to send out, and so much more. But there's one important issue that needs to be placed in the forefront: insuring an engagement ring.
Okay, so the idea of insuring your new sparkling bauble might not sound very romantic, but it's so important. Why? You'll be thankful that you took the extra steps if it gets stolen, falls in the drain, disappears in the car, or gets damaged. The more expensive the ring, the more reason to get proper coverage. You don't want another reason to worry while planning a wedding, right?
Insuring an engagement ring: how it works
Setting up an insurance policy for special items is easier than you may think. For most couples, the best way to gain coverage is by adding an extension, also known as a rider, to your home or renters insurance, specifically for insuring an engagement ring. The extension will ensure that your ring is covered for incidents inside and outside of the home, given the coverage limits.
There are several factors that go into pricing coverage. Here are a few ways your insurance provider will determine the cost:
- The monetary value of the ring (after an appraisal)
- The city or town you live in (crime statistics)
- Whether or not your policy has a deductible
If you take out a "scheduled personal property coverage" plan for your engagement ring, you will receive high coverage limits, typically up to the total appraised value of the ring. This coverage can cover theft, loss, damage, and repair.
Have your ring professionally appraised
Before you can attain coverage, your insurance provider will ask you to present an official appraisal. So, a few days or weeks after he pops the big question, schedule a professional appraisal for the ring. (Yes, this means you're going to know how much the ring is worth.) Make sure to save your receipts for later use.
If you decide to have the ring reappraised down the road because you suspect it may have increased in value, you'll save on costs by presenting your receipts. By visiting the same appraiser again, you can provide paperwork showing how much the ring was previously appraised for and they won’t have to go through the entire process again from scratch.
Also, be certain that you are receiving an accurate appraisal, even if you must try additional appraisers. If the value of your ring appears higher than normal, you could end up paying higher monthly premiums for no reason.
Questions to ask your insurance provider
Communicate all of your questions and concerns openly so that you have a clear understanding of your coverage and its costs. Insuring an engagement ring isn't a difficult task, but it's best to be extra diligent in obtaining the best coverage possible. Your insurance provider should be happy to answer all your questions.
- Will my ring be fully covered if it's lost or stolen?
- Are there any situations in which my ring would not be covered?
- How will the quality of my ring and diamond be documented?
- Will my coverage change if the value of my ring increases over time?
- Can I choose my own jeweler to replace or repair the ring?
- What proof will I need to show that the ring was lost or stolen?
- How will the insurer replace the ring or pay for repairs?
How to protect your ring while it's insured
Regardless of the coverage you receive, it's important that you keep your engagement ring safe and sound. No replacement will add up to the sentimental value of the original, so try your best to be cautious while wearing the ring and storing it after you remove it. Here are a few safety tips to keep in mind:
- Purchase a small safe for valuables and store it in a hidden area
- Wear a ring guard to be sure it doesn't fall off
- Use caution when removing the ring, especially when washing your hands or the dishes
Peace of mind and prevention will keep your valuables intact
Insuring an engagement ring may not be the first thing you think about right after the proposal. The wedding plans, honeymoon, telling friends and family, celebrating—there's so much to do before you think about preventing a disaster. But insuring an engagement ring will protect your investment and remind you to be extra cautious with such a sentimental gift.
Are you interested in adding a jewelry rider to your policy? If you don't have one, are you considering purchasing a renters or home insurance policy with your significant other? We offer competitive rates and generous coverage limits for our clients. Visit our website or give us a call today for more information.
Do you have any tips about finding coverage for an engagement ring? Share your thoughts in the comments and we will respond to you promptly!