Insure Your New Engagement Ring Now
Once I helped a man look for his wedding ring in knee-deep snow, in the dark, in the wilderness of Iceland. While we were sifting through the snow with our mittens, while someone was distracting their girlfriend, another member of our search group (our tour group) chuckled: “Well, you have insurance, right?”
The answer sounded like a whimper: not yet.
In the end we found the ring, she said yes, we all clapped and everything was fine. But you don’t want to be like the guy with the snow proposals, do you? One wrong move, and all the money you’ve spent – or are currently wearing on your arm – could be gone.
Before all of you newly engaged ones start to panic, you should know that getting insurance for your engagement ring or other wedding jewelry is pretty easy. This means you have no excuse to put it off any longer.
Your ring is not automatically covered
Even if you already have renters or homeowners insurance (and you have coverage, right?), It probably doesn’t cover your new decorations. Jewelry is only covered up to a certain amount – typically between $ 1,000 and $ 2,000, said Pat Howard, homeowner insurance expert at Policygenius . “If you have homeowner or renter insurance and the cost of the ring exceeds your coverage limits, you can add scheduled property approvals or personal clause approvals to your existing policy.”
You can also take out a separate policy for your jewelry, but it is often more cost effective to get coverage under your current policy. Individual policy insurance is sometimes broader, which means it can cover total loss of property, not just theft and damage.
In terms of price, you can expect to spend between $ 1 and $ 2 per year for every $ 100 of jewelry you insure. If your ring is priced at $ 2,200, you are likely to pay a premium of about $ 20-40; for a $ 4,000 ring, be prepared for a premium of around $ 40-80.
Don’t forget about franchises
If you add your jewelry to your current insurance, you will pay an insurance premium and deductible if anything happens to your ring.
“For example, if you have a $ 1,000 deductible and your wedding ring is worth $ 5,000, you pay 1,000 deductible first, and then your insurance company pays the remaining $ 4,000,” Howard said.
In other words, if your ring was stolen, you would receive a check for $ 4,000 instead of the full value.
Offline jewelry insurance usually does not require a deductible.
Collect evidence before buying a cover
You can’t just call your insurance company and say you want to purchase jewelry coverage unless you can prove how much the item costs. For a less expensive item, a sales receipt may work. But most insurance companies ask for an appraisal of the property, which indicates its value, based on an independent expert review.
According to insurance company Jewelers Mutual, the estimate will likely cost you between $ 50 and $ 150. You will receive a document from the appraiser, which will indicate the quality and condition of the product, as well as its assessment. This rating ensures that you get something comparable should your ring ever need to be replaced with an insurance claim.
You will also need to provide your insurance company with high-resolution images, often from different angles.
Yes, we’re adding new expenses to your wedding to-do list before you even start thinking about a venue or guest list. But insuring valuable jewelry that hangs in your hands all day will give you peace of mind far beyond the big day.