The Total Coverage Blog
First of all, it sounds like congratulations are in order. Chances are, if you’re wondering about engagement ring insurance it’s because you have some exciting news. We’re happy to be a part of this exciting moment in BOTH of your lives.
Engagement ring insurance makes sense for almost every single diamond ring — but becomes more important the higher the value of the ring. Unfortunately losing an engagement ring is more common than most happy couples would like to think. In fact, one recent study showed that 10% of all engagement rings become lost permanently.
From our experience, some of the most common ways brides and brides-to-be lose their wedding rings is down the sink drain or toilet, in the workplace, at the gym or pool, or even having it stolen.
Losing anything expensive is a financial blow, but because there is sentimental value attached to a ring, it’s even more important to protect it. Fortunately, engagement ring insurance is inexpensive, convenient, and easily accessible. Read on to get more details about the best way to insure your engagement ring — as well as what you can expect diamond ring insurance to cost.
You’ve got some other big things to plan right now (like the wedding) so we’re happy to tell you that insuring an engagement ring is a fairly simple process for most people. The best way to insure your engagement ring is by adding it onto your homeowner’s insurance or renter’s insurance.
By adding the band onto an existing policy, you can be assured your ring will be covered in the event of loss, theft, or disappearance. Whether you currently own a home or not, adding onto that policy is your best choice for both financial reasons and matters of convenience. If you don’t have renter’s insurance, this can be a great opportunity to get it.
In order to add the engagement ring onto either of these policies, you will need to present an appraisal or receipt for the ring to your insurance provider. Any piece of jewelry over $10,000 in value will require a professional appraisal.
If you’re saving for your dream wedding as well as a once-in-a-lifetime honeymoon, the last thing you want to do is to be forced to add another large monthly expense. Fortunately, adding jewelry coverage onto another policy is very affordable for rings of any value.
The specifics of how much your ring will cost to add onto your renter’s or homeowner’s insurance plan is decided by the value of the ring, the number and size of diamonds, extra provisions you stipulate such as deductible amounts, and a few other factors.
While the cost for your diamond ring insurance will vary, we can provide you with an estimate. A several thousand-dollar ring will cost only a few dollars a month to add to a policy. Most people agree that the small amount of additional premium is worth knowing that your special ring is covered.
This amount of money is nothing substantial compared to the value and importance of your beloved ring.
In addition, we strongly advise that you use a zero deductible clause on the policy covering your ring. This means you don’t need to meet a deductible to replace the ring. If you don’t write this in, it will require you to meet the normal homeowner’s insurance deductible which can be fairly high depending on your policy.
If you don’t have it, now is the perfect time to get engagement ring insurance. At Unruh Insurance, we’re experienced in writing insurance that will cover your diamond rings as well as everything else that’s valuable to you.
While we write insurance plans for one of the nation’s largest insurance companies, we are a local agency dedicated to providing you great rates and superior customer service, including in-person conversations with our agents.
Contact us to get a quote on engagement ring insurance and for all of your needs.