Insuring an Engagement Ring

May 29, 2019

insurance engagement ring

Getting insurance coverage for your shiny new engagement ring may not sound romantic, but there are many reasons why you should. What happens if you accidentally lose your ring? If it gets damaged at the gym or stolen? Engagement ring insurance gives you coverage for theft and mysterious disappearance, plus this is likely your first big purchase, so you should protect it!

Here are steps to take to insure your ring:

  • Get an appraisal from a certified gemologist. A thorough appraisal for a ring worth $5,000 or more should include details such as carat weight, cut, and color. An invoice or store receipt is also helpful and can suffice for less expensive items.
  • Contact your insurance agent to discuss adding your ring to your homeowners or renters policy. This is also a good time to evaluate all of your insurance needs as soon-to-be newlyweds.
  • Ask questions. It’s important to ask your insurance agent questions such as: Is the ring covered if you accidentally lose it? If it’s stolen? How do you prove the loss of the ring if you need to file a claim? Are there circumstances where the loss or damage would not be covered?
  • Get your ring reappraised every two to three years. This will help to ensure that you have the correct amount of coverage if the value of your ring changes over time.

Remember: Nothing is sweeter than peace of mind. The sentiment behind a valued possession is priceless but having protection in place

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