You have spent time and money to pick out the perfect engagement ring. You have spent time planning the perfect way to pop the question, where you will be, how you will ask and the element of surprise. You have thought about how happy you will be when she says yes!
Planning an engagement brings about all the warm and loving feelings but for men it can also bring about the anxiety of a big purchase (their first in many cases). This is especially true since the average cost of an engagement ring today is approximately $5,500. One simple way of easing that anxiety is by protecting the newly bought ring with insurance.
Does your current insurance policy cover your new engagement ring?
Most people assume that their homeowners or renters insurance policies will provide coverage for the new purchase. However, many are surprised to learn that all homeowner policies have special limits for certain types of personal property such as jewelry. In most cases, these special limits for jewelry will not provide enough coverage, and the deductible will apply to the loss.
How can you protect your engagement ring?
You can protect your ring by purchasing an insurance extension to you current homeowners or renters insurance, also known as an insurance rider. If you don’t have a homeowners or renters insurance, you could also consider buying a separate policy from a company that specializes in jewelry insurance. The latter may even offer greater amount of coverage. We recommend that you consult a McLean Insurance advisor for more details.
Who should consider purchasing engagement ring insurance?
The answer to this question may differ from person to person. At McLean Insurance, we recommend that any individual or couple that places high sentimental or material value on their ring should consider purchasing insurance for it.
Why should you consider purchasing engagement ring insurance?
According to a survey conducted by Enservio in 2011, the largest percentage (17%) of claims made against homeowners insurance were in the Jewelry category. This indicates that loss of jewelry is one of the most common losses in a household. So, if your prized possessions includes a piece of jewelry with high sentimental or high material value, you should definitely consider protecting it with insurance.
What to consider when purchasing engagement ring insurance?
Insurance policies can vary from carrier to carrier so it is important to ask the right questions. Make sure that you know the answers to the following questions before moving forward with the insurance.
- Will the insurance cover the full value of the engagement ring?
- Does the insurance protection cover theft, loss and/or accidental damage?
- What are the exclusions to the policy coverage?
- How will the insurance company replace the ring – with a check or by requiring you to purchase a new ring from a specific jeweler?
- What proof of loss will you need to provide if a claim needs to be filed?
What should engagement ring insurance cost?
Jewelry and/or engagement ring insurance is generally very reasonable. However, it can often vary considerably by carrier. Factors such as where you live, crime rate in your area, whether your home has a central alarm, etc. can also lead to the said rate variability. Having said that, average cost ranges between 1-2% per year. So, if your ring is $5,500 you should expect to pay about $55 to $110 per year depending on the carrier, and the coverage. For an exact quote, we recommend that you reach out to your insurance provider or fill the form below to get started. More information is available at www.mcleaninsurance.com and you can always reach our highly trained and knowledgable advisors by calling 703.790.5770.
We’re always interested in hearing about your experience. Do you have a story of an engagement ring loss? An experience with engagement ring insurance or perhaps some tips for our readers?
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