18 Jan 2018
Insurance for Your Engagement Ring

Learn how you can protect your engagement ring.

After getting engaged, the prospect of insuring your engagement ring is probably the last thing you want to think about.  However, getting insurance is still something that you need to check off on your wedding planning to-do list.  Here’s what you need to know about getting coverage for your engagement ring.

Why do I need insurance?

You should get insurance for any personal item that is not easily replaceable.  Whether your engagement ring is pricy or not, the sentimental value of it makes it invaluable and irreplaceable for many couples.  While having financial coverage for your ring won’t make up for the sentimental value if a ring is damaged, stolen, or lost, it can provide some comfort for you.

How do I get covered?

In some cases, you can add an extension (also known as a policy rider) to your homeowners policy that specifically protects your ring.  While your standard homeowners insurance technically covers personal belongings, they only do so up to a certain dollar amount.  If the value of your engagement ring exceeds this limit, then adding a policy rider is your best option.

What will I need to do?

To get your ring covered, you’ll need to provide your receipts and get your ring appraised.  This appraisal will require a small fee, and can be provided by a certified gemologist.  If you are planning on moving after the wedding, make sure that your coverage follows you.  If you choose to insure your ring through your home insurance, you will have to switch over your coverage to your new home.

Use this information to ensure that you are giving your engagement ring the protection it deserves.  If you have any questions about insuring precious items, turn to the experts at Patterson & Associates Insurance in Richardson, Texas.  Our dedicated team is ready to assist with all your insurance needs.  Contact us to get started today.