Valentine’s Day is a day for celebrating love, and for many it’s a perfect time to pop the question!
If you’re one of those couples, first let me say congratulations! It is such an exciting time! I am newly engaged myself, so let me offer a piece of advice: before you jump in to wedding planning, and even before you finish celebrating this new exciting life event, consider shopping for engagement ring insurance to help protect that sparkler!
Do not delay – should anything happen to the ring before you get it insured, you’re out of luck. You may have picked a mighty diamond, but let me tell you, rings are small and not difficult to misplace. If you’ll be wearing it all the time or have a complicated setting, damage or a lost diamond can happen (and sometimes quickly!).While nothing can replace the sentimental value of your engagement ring, an insurance policy can help replace yours if something were to happen – without you and your love having to shell out for a whole new one.
Insuring jewelry can be tricky since it often is not adequately covered under your existing insurance policies. It is well worth you and your betrothed’s time to spend a few minutes researching your options and speaking with an insurance agent if you’re unsure on how to proceed. You’ve found your match, and now is the time to find your engagement ring InsuraMatch!
Before you start making calls and getting quotes, be sure to either have a receipt for the item or get it appraised. This will help the insurance company determine the value to replace it if something were to happen.
Survey Your Options
#1 Your Existing Insurance
You may think you have already have coverage for your engagement ring under your renters or homeowners insurance, but in all likelihood, those policies won’t offer enough coverage for such a special piece of jewelry. Though renters and homeowners are great for keeping your home and personal property protected, rare or valuable items like jewelry are often subject to special limits. Most policies will cap jewelry coverage at $1,000-$2,000. Even if your engagement ring would be covered by the special limit, think about the other jewelry you own, which would also need to be covered by that amount. Be sure to check on any limits placed on individual pieces of jewelry in addition to jewelry limits. Your agent will be able to help you understand the coverage your existing policy offers, as well as any limitations.
Using existing coverage can make sense, especially if you don’t have much jewelry and your ring is worth less than $1,000. Be sure to get in touch with your insurance agent to review the specifics of your policy and whether insuring your ring under it is a good idea.
#2 Adding Your Ring to an Existing Policy
If #1 isn’t an option for you, you could consider adding your ring to your existing renters or homeowners policy as a “scheduled” piece. Your agent will need proof of the value of the piece, like a receipt or preferably an appraisal, and then it can be added onto your current policy for a certain annual rate.
Adding to an existing policy keeps things simple – your insurance is in one place! You’ll be able to work with your agent to get your item covered. However, be aware of coverage limitations. Oftentimes wear and tear or losing the ring will not be covered under these types of plans.
#3 Jewelry Insurance
When you purchased the ring, the jeweler probably gave you information on insuring the ring through a jewelry insurer. While it may have felt spammy or gimmicky at the time, jewelry insurance is designed specifically for jewelry, and it can offer some valuable coverage. These policies will typically cover certain types of loss that a standard renters or homeowners likely won’t, like coverage for misplacing the ring. The pricing will vary, however in my experience it was consistent with adding a piece to my existing coverage.
Finding Your Engagement Ring InsuraMatch
At InsuraMatch, we understand that everyone’s situation is different, and therefore, the best match for you may not be the best for someone else. This holds true when shopping for engagement ring insurance!
The best thing you can do is call an agent and compare quotes and coverages to see what fits your needs (and budget) best.
For me, insuring my ring under my existing renters insurance coverage wasn’t an option since the value of my ring exceeded the jewelry limit on my policy. I looked into getting it added to my renters as a scheduled item, but found it would be more expensive and offered more limited coverage than jewelry insurance. I went with a policy from Jewelers Mutual, which the jeweler had provided information about when my fiancé bought the ring.
With so many options, insuring your engagement ring can be confusing! Don’t let it keep you from getting the coverage you need for your ring; assess your options and choose the coverage that works best for your needs.