If you have recently become engaged or are already married, congratulations! We wish you the best in your marriage and hope it is filled with joy for years to come! The ring you wear is not only a symbol of love and commitment, but also a valuable piece of jewelry that should be protected. If it were ever lost, stolen or damaged that would be a terrible loss. That is why proper engagement ring insurance is just the type of protection you might want.
What is engagement ring insurance?
This is a type of insurance that provides coverage for your ring in case of loss, theft, damage, or other unforeseen circumstances. It can be added as a rider to your existing homeowners or renters insurance policy, but standard coverage limits can be very low. However, you can purchase a separate policy specifically for your ring or any other prized piece of jewelry.
How much does this cost?
The cost of engagement ring insurance will vary based on the value of the ring and the coverage you choose. On average, you can expect to pay around $1-2 for every $100 of your ring’s value per year. For example, if your ring is worth $5,000, you can expect to pay $50-100 per year for insurance coverage.
What does it cover?
Engagement ring insurance typically covers loss, theft, and damage. Some policies may also provide coverage for damage that occurs while you are wearing the ring, such as if a diamond falls out. Read over your policies carefully and ask your agent about anything you don’t understand.
How do I get engagement ring insurance?
You can add an endorsement or rider to your existing homeowners or renters insurance policy to cover your jewelry. Alternatively, you can purchase a separate policy from a specialty insurer. To get coverage, you will need to provide proof of value, such as an appraisal or receipt. According to Auto Owners Insurance, a Property & Valuables policy can cover jewelry, fine arts, laptops, tablets and more. And it offers coverages above and beyond what your Homeowners policy may provide.
How can I protect my ring?
In addition to getting insurance coverage, there are other steps you can take to protect your engagement ring including cleaning it regularly, taking it off anytime you apply lotion, wash dishes, or before working out. Additionally, be smart about where you display it, especially when traveling abroad. Keep your ring bright and shiny and minimize the risk that it can fall off or get stolen.
Protecting your engagement ring with insurance is a smart way to protect your special piece of jewelry for years to come. Proper coverages protect your most cherished items, so no matter what life throws your way, you can rest easy.
To learn more, contact an agent at Reliable Insurance Agency today! Reliable Insurance Agency is conveniently located in Cloquet and Hermantown, MN and Superior, WI.
