Popping the question is a significant moment in time, often sealed by gifting an engagement ring meant to last forever. The potential loss or damage to something with such an emotional attachment can be heart-wrenching. If this is something you intend to rock (no pun intended) for years to come, then it is important to have a plan in place in case something happens to it. We have a few suggestions that are worth reading to properly insure your engagement ring lasting the test of time.
Start with a Jewelry Appraisal
There is a difference between retail value and replacement value. An appraisal process is done by professionals that will determine the monetary value of an engagement ring based on its distinguishing characteristics. This evaluation provides clarity for you as an owner and is conducive to determining premiums for insurance companies. Consider it comparable to having a receipt providing you with the documentation necessary to support any claims made if the ring were lost, stolen, or damaged. The sooner it is appraised the quicker you can have it insured.
Putting a Price on Piece of Mind
The priority is protecting something of value – fiscal and sentimental. Average insurance coverage – according to Investopedia – start at annual rates of $1 to $2 per every $100 the ring is worth. Be sure to get an exact quote, but you should expect a $5,000 ring could cost you a mere fifty to hundred dollars annually to insure. Depending on the appraisal revealing the replacement value of the ring, there are a couple options for protection plans.
Could be Covered by Homeowner Insurance
The engagement ring could possibly already be covered by your homeowner’s insurance. The caveat comes in the standard range of $1,000 to $2,000 coverage for theft of jewelry. Anything exceeding this range could leave you on the hook to pay the difference. Homeowners insurance presents limitations of protection. Instances of accidental loss of valuable items, like dropping it down the sink, also may not be covered.
Supplemental Jewelry Insurance
Beyond protecting your engagement ring, a standalone policy exists to protect all of your expensive and high-risk items. Jewelry insurance is intended to provide supplemental coverage for possible loss, theft, or disappearance. Outside of offering coverage extended beyond the range ($1,000-$2,000) within homeowner’s insurance, there are policies that are specific to sustaining quality through everyday damage protection. All pertinent information is detailed in 3 easy steps to protect your jewelry.
Protecting All Jewelry
Despite our best efforts to keep jewelry in pristine condition, accidents will happen. Here are a couple of easy steps to take to protect your jewelry:
- Lock any jewelry in a safe box.
- Photograph any jewelry for visual evidence.
- Protect jewelry through supplemental insurance.
The engagement ring is just the beginning – a wedding band will follow and anniversaries to add to the collection. Combining preventative measures with a contingency plan of insurance gives you an optimal protection plan for your most prized possessions. Contact us at TJ Woods Insurance if you have any questions pertaining to insuring your engagement ring or any other valuable possessions in your home.
