You’ve just made perhaps the biggest investment in your life, you’ll want to make sure that you have it protected properly.
You might be thinking that the ring you just purchased will be automatically covered on your insurance policy. Think again… Your homeowners or renter’s policy DOES protect your personal belongings, BUT you might only be covered up to a certain amount, while also being subject to paying your deductible if something were to happen to the ring. Here’s what you can do about it.
Step 1. Get the ring appraised by a gemologist. They will provide you with documentation stating the value of the ring. If you can’t get an appraisal immediately, provide the purchase price to your insurance agent so they know where to set the value of the item.
Step 2. Contact your or your fiancés insurance agent to add the ring as a scheduled item on the policy. Be able to provide the appraisal or purchase receipt for proof of item value.
What you can expect, is the general rule of thumb, which states that you would probably pay $1 to $2 for every $100 of your rings replacement value. So if your ring is worth $4000 or $5000, you might pay about $80 to $100 a year for the insurance. By following these steps, you’re allowing your bride to be the ability to walk around free of concern, with confidence and pride knowing that the engagement is insured, granting you peace of mind as well.