The following is a guest post
When you’re getting ready to propose, there’s a substantial amount going through your mind – all of which are things that reside on the opposite side of the spectrum from insurance and understandably so.
However, having that peace-of-mind set firmly in place can really contribute to the overall joy of the occasion – after all, you certainly don’t want anything taking away from it, like a lost or stolen engagement ring. Learn more about covering yourself under HBF’s home & contents insurance at their web portal today.
Engagement Ring Insurance Options
For the purposes of insuring an engagement ring, there are two options that are considered the very best possible, which are:
- Purchase a Renters’ or Homeowners’ Policy “Rider” – If you already have a Renters’ or Homeowners’ insurance policy, then you may know that these typically cover the contents of your home – in most cases, this includes all kinds of jewelry. However, these policies do have a dollar value limit that needs to be considered. If you went all-out on the engagement ring, and it’s worth a substantial amount of money, you may have to add-on a special “Rider” specifically for the ring to make sure everything fits under your policy. It’s basically an extension for certain high-dollar items.
- Purchase a Specialized Jewelry Insurance Policy – Some insurance companies specialize specifically in certain items – like jewelry. It’s an option to explore, as you may be able to get more coverage for your ring, or it might even end up being more affordable to handle it separately than as a rider.
NOTE: It’s also important to remember your engagement ring should you move and attach it to the new homeowners’ policy. If you’re switching from an apartment to a house after marriage, you’ll want to make sure this happens.
Why an Engagement Ring Should Be Insured
When you purchase an engagement ring – beyond the sentimental value of it – you’re investing money into an object of worth. At that point, it’s not just an item that’s worth a substantial amount of money, it’s worth a substantial amount in sentimental value, as well. Anything that falls under this heading should be protected.
This is especially true if the engagement ring wasn’t purchased, but was actually handed down to you as a family heirloom. If it hasn’t already been insured – insure it! It’s a priceless family artifact! And while it is only an object, you can still make it easier on yourself to replace, or at least receive a consolation, should something happen to it.
What You’ll Need in Order to Insure
- Purchase Receipt – Yup, that’s right; you have to be able to prove that you purchased the ring and supply a receipt from the transaction.
- Ring Appraisal – An insurance company isn’t going to take the word of the jeweler you purchased the ring from, unless they have a trusted, in-house, appraisal system that the insurance company has experience with. You may have to take the ring to an appraiser yourself, pay to have it appraised, andthen be eligible for insurance.
Ask the Insurance Company the Right Questions
With so many different insurance companies, with so many different policies, and so many different rules, regulations, and exceptions attached to each one, purchasing a policy – even a rider – can be confusing.
When possible, make sure to seek out the guidance of a professional broker or insurance agent, but always make sure to ask the following questions:
- How will this company handle the replacement of my ring? Will you send us a check, or will you require us to go to one of your preferred jewelers?
- How much of the ring will be insured? All of it, or just partial?
- What if the ring is lost by accident – is it still covered? Or is it only covered in the case of theft?
- What is your company’s requirements and policy for filing claims? What needs to be supplied by me to insure I receive my claim?
- What circumstances will not be covered by your company?