Introduction to engagement ring insurance
Getting married has a wide range of expenses that will need to be paid out over time. The wedding, the honeymoon and a new place to stay for the newly married couple all need to be taken into consideration. What’s often overlooked is the addition cost of insurance for the engagement ring. Not only is there thousands of dollars spent on the ring, there is also the annual cost of insuring it. So often couples get their finance in order shortly after marriage only to discover they missed this very important one. Throughout this article I will detail engagement insurance facts that can be used to help get a policy in the best possible manner.
Why get insured for an engagement ring anyway? Just think about it for one minute. Why go through the trouble of selecting an engagement ring, paying for it either outright or in increments, giving it to your spouse, only for it to be damages, lost or stolen sometime later? In a sense you are throwing the ring away when you fail to get your ring insured. If the ring is lost somewhere, stolen or damaged with no coverage, then what are you to do? There is nothing that can be done except to come out of your own pocket and purchase another one. Even though the ring can never truly be replaced due to its sentimental value, you can at least have the satisfaction of getting something similar. In some cases an exact duplicate may be bought and the spouse may never know the difference. But, in all reality this is wishful thinking.
Engagement ring insurance basics
If you have an existing homeowner’s policy, your personal items inside your home including your jewelry may be covered. If you are renting you can get renter’s insurance from an insurer in your state that covers jewelry. A couple may consider getting the insurance at the residence they will be moving into instead of where they currently reside while they are single. This will save them the trouble of having to change it over at a later date. Keep in mind that the cost is based on the value of the ring and the GIA certificate may be needed. This is a document detailing your jewelry done by professionals. You can find same GIA certificates by doing an image search online as examples. Normally there is a premium but there may not be a deductible with engagement insurance. However, this depends on the policy. Minors can have their parents add them to their insurance if they are too young to purchase it themselves due to state laws.
This is the gist of getting engagement rings insured and the ultimate purpose of doing so. Seeking out more information online is always helpful and is suggested. Protect yourself and your family by getting inexpensive engagement ring insurance for yourself. Although it can’t prevent anything from happening to your ring, it can at least help in replacing your jewelry.