Engagement Advice: Insure Your Ring
(MS) — If you’ve recently become engaged, you may want to check your homeowners or renters insurance policy. That’s because your engagement ring may not be fully covered by that policy.
An engagement ring is a cherished gift and one you will want to protect. No one wants to imagine their ring being damaged, lost or stolen, but the fact is that these situations can and do happen.
Typical insurance policies for your home or apartment set limits for certain categories of personal property, like jewelry. They may only cover $500 to $1,000 on a stolen ring. If the theft or loss occurs outside of the home, you may not be covered at all.
Talk to an insurance agent to see if you can amend a policy or purchase other insurance if you want to protect your ring in case of theft or if it becomes lost or damaged. Here are some questions to ask if you’re considering jewelry insurance.
— Is there a deductible on the insurance, and if so, how much?
— Do I need to have the ring appraised for insurance? Can I use my own appraiser or does the insurance company need to handle the appraisal?
— Will the insurance cover theft or loss of the ring wherever it takes place, even if it occurs in a foreign country?
— Can I receive a cash settlement for the value of the ring, or must the ring be replaced with another?
— Does the policy cover repairs to damaged jewelry?
— Can Ipurchase a “valued at” plan if my ring is one-of-a-kind and cannot be replaced? This policy allows you to value your ring at a higher dollar amount than its appraised worth. |
