Do you want to marry me? It doesn’t matter what you say, asking someone to marry your is a big step in your life. This can cause some jitters.
To not add stress, but have you ever thought about what to do if the ring was stolen? What if it were stolen? What if it was damaged or lost?
If that’s not enough to make you anxious, consider the reaction of your soon-to-be fiancée if the ring is lost or damaged. This could cost thousands to repair or replace.
The Insurance Information Institute reports that jewelry losses are the most common of all content-related homeowners’ insurance claims. These scenarios are not far-fetched.
Insurance is the best way to protect sentimental, high-value jewelry.
Check out our quick guide on purchasing insurance for engagement rings. Then, give your agent a ring so that you can keep your promise to “till death do we part” for the ring.
Step 1: Purchase the ring and keep your receipt.
You may need to provide proof of retail value for insurance coverage. Keep your receipt.
Step 2: Contact your independent agent.
An independent agent can help you navigate this process, including guiding you through the options and helping you to choose the right policy.
Step 3: Get an appraisal.
An independent agent can help determine whether an appraisal is required. A receipt will suffice for most rings. However, an appraisal may be required by your insurer for higher-end jewelry. An appraisal will look at all the diamonds and other gemstones, along with the band, in order to determine the ring’s value, regardless of how much it cost. If the ring is an antique, family heirloom or rare piece of jewelry, you may be asked for an appraisal.
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Step 4: Increase your limits or add endorsement
You have two choices when insuring your wedding ring: increase your coverage limits or schedule your ring as an endorsement. Both renters and homeowners insurance policies cover the contents of your house. A base homeowners policy usually covers jewelry theft up to $1,000 or 500. Your limits might not be sufficient to protect your fiancée’s new bling, so it may be worth increasing them.
Another option is to schedule the ring as an endorsement. It will increase your premium, but it provides coverage for a wider range of losses. Your policy deductible does not apply, so you can replace the ring without additional costs.
Your independent agent can help you decide the right coverage when you are deciding how to insure your ring.
Step 5: Make a proposal!
Confidently pop your question knowing that the ring will not be broken in the middle of the flash mob or if it falls down on the stadium seats while your engagement is being broadcast on the jumbotron. Or even if she finishes her slice of cake but doesn’t find the ring, you are covered.
For more information on discounts and coverages, please contact an agent.
Refer to Insurance Information Institute