Do I Need Engagement Ring Insurance?
We’ve all lost things – sunglasses, phones and even wallets. It’s a part of life. Losing your engagement ring, though, is different because it’s both monetarily and sentimentally valuable. Luckily, you can give yourself a bit of peace of mind with ring insurance.
According to a survey by Jewelers Mutual, 33 percent of consumers said their engagement ring is one of the “most expensive things they own.” However, 43 percent of that group did not have their ring insured.
“It’s stunning the time and attention couples pay to selecting the ring, planning the proposal, taking the ring selfie, and everything that comes with it. But they may not take additional time to consider how to protect it if the unthinkable happens and it becomes lost, stolen or mysteriously disappears,” says Kristin Fencl, marketing communications specialist for Jewelers Mutual Insurance Company.
1. What is ring insurance?
There are a few different ways to ensure your ring is covered by an insurance policy. First is through your homeowners or renters insurance. However, it’s important to note that most of these policies only cover items within the home up to a certain amount.
“Scheduled personal property is an optional coverage a customer can add to their homeowners, renters or condo insurance policy. This coverage allows someone to expand protection for things like expensive jewelry, art or antiques,” explains Ben Tobias, senior external communication consultant for Allstate Insurance Company.
2. Why do I need it?
Above all, having insurance on your engagement or wedding rings will provide you “peace of mind. Depending on the policy, scheduling an engagement ring will cover theft, damage, and loss or disappearance,” says Ron Davis, public relations representative for Progressive Insurance. So, in the event that the worst happens, you can rest assured that you can replace it.
3. When do I need to get my ring insured?
Your should purchase ring insurance as soon as possible. If you’re proposing, you don’t have to wait until it’s on your partner’s finger – you can get insurance as soon as the ring is purchased. Just remember to change over the name on the policy after she says yes!
4. How much does it cost?
The cost of coverage will depend on a number of factors, including the ring’s value, and can vary from company to company. A good rule of thumb, though, is about one to two percent of the item’s total value. So, a $5,000 ring for example would cost between $50 and $100 a year to insure.
5. What is the process for obtaining coverage?
After you do a bit of research and select your insurance company, you’ll need to provide a detailed sales receipt or an appraisal of the item(s) you want to cover. “This detail will make sure your items are covered for the correct value and will be essential to help repair or replace your item if you need to submit a claim,” says Fencl.
“Coverage starts immediately – pending any underwriting review) and you can wear your jewelry, worry free!” she adds.
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