Engagements are filled with happy plans and are a busy time for most couples. After all, everything should be as close to perfect as possible for the big day. One of the first moves most couples make is to purchase an engagement ring, which you hope will stand for your everlasting love for each other. This is a large purchase, without a doubt; the average cost of an diamond engagement ring in 2015 was $4,758.00. No matter how busy you are likely to be during your wedding planning period, take some time to make sure that your lovely bauble is protected. Read on to learn more about engagement ring insurance.
Using Your Homeowner's Policy
If you are a homeowner, adding your ring to the current policy is quick and easy. Simply contact your agent. It should be noted, however, is that there are often caps on losses if you are just including your ring with your other personal belongings. A special floater or enforcement should do the trick for added coverage. For example, if your policy covers you for up to $2,000 in personal property losses, that may not be enough to replace the ring if lost or stolen, depending on its value.
Be sure to let the agent know how much your ring is worth. You should also keep in mind that a homeowner's insurance policy only covers items connected with a specific location, such as your parent's home. Once you move from that location, your coverage for the ring ends and you will need to get either a homeowner's or renter's policy to cover the ring at your new location.
Buying Special Jewelry Insurance
Another convenient place to obtain insurance for your ring is the jewelry store where the ring was purchased. Many jewelry stores either offer their own insurance or can provide you with the contact information for a reliable company that specializes in insuring jewelry.
Know What You Are Buying
When it comes to purchasing insurance for your ring, do your homework and know what type of coverage you are buying. No matter how you end up insuring it, read the policy carefully and make sure you understand the "fine print". Some important questions to keep in mind include:
- Is the ring covered using replacement value or cash value?
- Does the replacement have to be purchased at the original retailer?
- What type of proof of loss is required? (Police reports, for example)
- Does the insurance cover theft? Loss? Accidents?
The peace of mind that knowing your precious ring is covered by insurance can only help make your engagement time and wedding that much better. Speak to an insurance agent today about insurance for your ring. Contact a company like Hackett Valine & MacDonald Inc to learn more.