A marriage proposal on Valentine’s Day… Congratulations to both of you. We hope you’ll take some time to enjoy the happy moment. It will certainly be a favorite memory for a lifetime. But then you’ll want to remember that there are a few practical considerations now that you own that beautiful diamond ring. We’d bet that you’re not “thinking insurance” at the moment, but we are. You’re likely not aware that the loss of valuable jewelry is one of the most common of all content-related home insurance claims, according to the Insurance Information Institute. The III tells us that one of the most frequent of all homeowners’ content-related insurance claims is for the loss of valuable jewelry. We know you’ll want that special new bling to be financially protected in case damage, loss or theft.
Your insurance agent will tell that most rental and homeowner insurance policies will usually provide limited coverage for jewelry and other personal items, but it is often not enough to cover the value of high-end jewelry, collectibles, etc. You might need to buy additional insurance depending on the cost of your ring. In fact, it is likely since the average retail value of an engagement ring is around $6000 according to a 2016 survey done by The Knot.
This will not only be helpful for your own records but to provide to your insurer as a means to document the current retail cost of your ring for your insurer.
If the ring has been custom-designed or is a family heirloom or vintage piece, an appraisal record will show the value when examined by a professional. Of course, appraisal reports are not good forever, and you’ll want to have the item re-appraised every few years. Your insurance agent can help you find your way to a reputable appraiser.
Once you have that new engagement ring properly insured and fully protected, then you and your new fiancé can enjoy sharing your news with your friends and family. You’re off on a path of many “firsts” that will change your life as you’ve known it.
Personal Valuables Insurance offers supplemental coverage for loss, theft and damage for many precious items. They include artwork, crystal, silverware, collectibles, cameras, firearms and more in addition to valuable jewelry. Arrange a conversation with your insurance agent who can help you decide whether you need increased insurance protection for valuable items.
Here at Schaefer & Delauder Insurance Services in Germantown and Frederick, MD, our experienced agents welcome your questions and can assist you by reviewing your current insurance coverage and helping you to exploring your insurance options. Why not contact us at your convenience?