Insure The Ring Before The Proposal

January 14, 2020

You may have seen the video of the man who animated himself and his girlfriend into a "Sleeping Beauty" to propose marriage to her.  The man brings out the box with a diamond engagement ring inside.  While we can easily get caught up in the moment, tragedy can happen at any time with the ring slipping out of your grasp or somehow falling out of the box and becoming lost.  Not to mention years after the “big day,” that precious ring can become lost, stolen or damaged. There's a million horrible scenarios that could spell disaster, which is why you may want to get that ring insured before you propose! Even if you already have renters or homeowners insurance, it probably doesn’t cover your new jewelry (check the fine print of your policy) and may only cover theft or damage, not loss. Plus, your insurance will probably only cover $1,000 to $2,000, which is fine if that is the value of your ring but if it's beyond the standard coverage of your property insurance, you may want to add a scheduled property endorsement or personal articles endorsement. This gives you a wider range of protection not just on jewelry but for any precious item you feel needs extra protection from insurance. As for price, you can expect to spend $1 to $2 per year for each hundred dollars worth of jewelry you’re insuring. If your ring is valued at $2,200, you’ll probably pay a premium about $20-$40; for a $4,000 ring, get ready for a premium of about $40-$80. You will need to prove the value of the jewelry piece. For some items, a sales receipt will suffice but most insurance companies will ask for an appraisal of the item that declares its value based on an independent expert’s review. Insurance can be costly but having coverage for a valuable piece of jewelry that’s bopping around on your busy hands all day will give you peace of mind well beyond the big day.

SOURCE: Two Cents

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